**Earlier Thursday, the tether (usdt) stable currency, which has great influence in the encryption market, also fell below US $0.96, indicating that market pressure is gradually transmitting from ust to more currencies linked to the US dollar** The block reported that as of 3:15 a.m. EST, the quotation of the token on FTX had fallen to the lowest point in the past 24 hours to $0.956. At the same time, bitfinex, a subsidiary of tether's parent company, also dropped its usdt trading price to $0.998.
When BTC, a brother of cryptocurrency, took the lead in the big dive, terrausd (UST), an algorithmic stable currency, began to decouple from the US dollar last weekend.
Although it is not clear which is the biggest factor causing the panic in the stable currency market, the stable currency market has been volatile in recent days after the collapse of Luna cryptocurrency relying on UST / Terra.
Referring to the data of tradingview, the current transaction price of BTC on coinbase is about US $25800.
However, as of the time when the block was published, usdt was still the most stable currency in the circle - binance USD and USD coin were $1.08/1.09 respectively.
Unlike UST, tether (usdt) is supported by a set of portfolio assets so that investors can redeem a stable currency at the price of $1 at any time.
Over the past few days, Paolo ardoino, chief technology officer of tether, has been calling on investors to maintain confidence on Twitter and stressed that more than $300 million has been redeemed "effortlessly" in the past 24 hours.
When the block wished to comment further, he said in a statement on Thursday:
Yesterday, the market experienced an expected panic, but tether's redemption processing was as usual. During this period, we have not refused any redemption of verified customers, and this is also our code of conduct all the time.
In the past 24 hours alone, tether has cashed in more than $300 million in redemption transactions. And so far, another $1 billion is being handled in an orderly manner.
Paolo ardoino added: on bitfinex, the tether stable currency is still linked to the US dollar and & gt$ 1, just slightly less than $1 on Kraken.
At the same time, market makers and arbitragers who look for opportunities are trying to make profits by buying low and selling high among different platforms.