Tether Deviates From Dollar Peg as Market Mismatches
- USDT’s share of key liquidity pool heightened on Thursday
- Tether’s CTO says it’s prepared to handle redemptions
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Tether Holdings Ltd.’s USDT, the world’s largest stablecoin, deviated slightly from its peg to the US dollar on Thursday as a crypto market signal suggested some investors were offloading the token.
In a slide that began around 4 a.m. in London, USDT slowly fell before reaching a low of 99.53 cents at around 7:17 a.m. It has since pared some of that loss to trade around 99.68 cents. Stablecoins typically rely on reserves of cash and cash-equivalents to maintain a one-to-one value with a less volatile asset, usually the US dollar.