Crypto news

USDT turnover decreased by $9 billion over the week

USDT turnover decreased by $9 billion in a weekОборот USDT за неделю сократился на $9 млрд

Over the past seven days, investors have reduced the total amount of USDT Stablecoin in circulation from $83 billion as of May 12 to $74 billion on May 18.

According to CoinGecko, Tether’s staplecoin continues to rank third in market capitalization on the cryptocurrency market.

The prerequisite for the $9 billion reduction in turnover was the recent collapse of the UST algorithmic stablcoin, as well as the subsequent delisting of it and LUNA from the trading floors. Against the backdrop of the UST hype, the USDT stabelcoin temporarily lost its peg to the U.S. dollar on some exchanges, falling to $0.95. However, it has now recovered to $1.

Ki Young Ju, CEO of analyst firm CryptoQuant, asked Tether CTO Paolo Ardoino on Twitter whether the USDT now in circulation is fully collateralized. Ki Young Ju noted that it’s not just regulators who want an answer to the question. Companies and ordinary crypto investors want to know as well, as they are concerned about the declining value of the U.S. dollar and are interested in investing in bitcoin ETFs.

“Tether secured 7 billion in 48 hours without blinking an eye. How many institutions can do the same? We’ll keep going if the market wants us to. We have the liquidity to handle large payouts at a 1:1 ratio. Yes, USDT is fully secured,” Ardoino wrote in response.

A CryptoQuant executive asked when Tether was going to do another USDT audit. Ardoino replied that the company is already working on it. He also hopes that regulators will create an environment for cryptocurrency development in which audit firms are more friendly to them.

As a reminder, the shadow government in Myanmar “legalized” USDT.


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