Tether Dips Below $1 as FTX Fallout Continues to Roil Markets
- Tether has become a bellwether of crypto risk appetite
- Tether says it processed around $700 million in redemptions
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Tether’s USDT token, the largest stablecoin by market value, veered off its dollar-peg on Thursday as market instability continued to roil the crypto sector and the issuer froze some coins in the wake of FTX’s collapse.
USDT slipped as much as 4% to around 96 cents, according to pricing data available on Bloomberg. Other major stablecoins, including Circle’s USDC, Binance’s BUSD and MakerDAO’s DAI, were broadly flat or trading at a slight premium.