The largest stablecoin in the cryptocurrency world scared the already panicked market when its lost its dollar pegged value. It went down to slip as low as $0.9455 cents. However, it has now recovered to trade at the price of $0.993, at the press time.
Meanwhile, the Tether organisation issued a statement amid the recovery.
USDT recovers to $1
The notice mentioned that they have provided stability amid some expected market panic. Tether has kept up the redemption normally. The verified customers have been able to redeem USDT on the platform for $1. It added that Tether has allowed more than 300 million USDT redemptions in the last 24 hours. While it is still processing over 2 billion today and that too without any issue.
USDT is still 0.45% down in the past 24 hours. However, its 24 hours trading volume has surged by 10% to $171.05 Billion. Tether asserted that they have managed to maintain stability in the much volatile market and have proved to provide service for all of its customers.
Tether CTO gives suggestion over LUNA crash
In an interview with Scott Melker, Paolo Ardoino, Tether CTO answered some questions about the ongoing trouble and de-pegging of the USDT.
