USDT fell 1% below its peg to the U.S. dollar yesterday in Coinbase amid ongoing market turmoil.
USDT
The largest stablecoin on the market fell to $0.9713 yesterday.
Crypto prices more broadly have also come under pressure this week.
Speculators are monitoring the rapidly developing story of crypto exchange FTX and its downfall.
Curve's stablecoin pool is also getting unbalanced. The large majority — some 82% — of the pool is in USDT, resulting in less liquidity for other stablecoins. This will have been caused by traders swapping USDT for other stablecoins.
In Tether, $700 million worth of redemptions had been processed on Nov 9 - 10 for 24 hours.
Sam Bankman-Fried's exchange came under scrutiny last week when a balance sheet relating to Alameda Research — a trading shop he also owns — was leaked. The balance sheet showed significant liabilities and holdings of FTT, FTX's exchange token.
Now SEC already has involved in the investigation on FTX and some politicians claims that SEC should have more strict law and policy enforcement and guideline.
USDD Price Change
USDD is also required to monitor closely that has higher fluctuation recently.
Source: The Block, Tether, Coinbase