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.
Ardoino said that their portfolio is extremely solid and de-pegging won’t happen. People can redeem it at any time. we never refuse one single redemption in the history of the Tether.advertisement
He mentioned that they go on a weekly basis stress test. It also includes data from the 2008 crisis which makes them ready for every situation.
On being asked about the recovery from the LUNA crash, he said that it is a tough call. I think that if they are able to explain what happened and in order to regain confidence in market they need to grow organically and slow.