Update on 13 May at 09:49 UTC – Paolo Ardoino, CTO of Tether and Bitfinex tweeted that Tether has cut some holdings of commercial paper. In the accompanying news članak, Ardoino explained that the majority of Tether’s reserves are now in U.S. Treasuries. Tether has reduced its exposure to commercial papers since November.
The crypto winter could be claiming more casualties among the stablecoin camp. The depegging of TerraUSD (UST) on Tuesday triggered market sell-offs, and now Tether (USDT) appears to be losing its footing, having slipped against the U.S. dollar.
The algorithmic stablecoin UST is, as the name implies, algorithmically backed. LUNA, the ecosystem’s corresponding token, has sunk over 95% since Tuesday, while UST continues to languish around the $0.50 mark.
Cointelegraph’s resident experts shared their explanations for why UST crashed in a special edition of “The Market Report” yesterday. The plan for Terraform Labs’ algorithmic stablecoin continues to roll out, but UST is still struggling.
Podaci iz Cointelegraph Markets Pro confirmed that various stablecoins have shown greater volatility than usual: USDT, the world’s largest stablecoin, traded under $0.99, Gemini Dollar (GUSD) exceeded $1, and USD Coin (USDC) also appreciated.
Paolo Ardoino, chief technology officer of Bitfinex and Tether, shed some light on the difference between asset-backed stablecoins and their algorithmic counterparts in a conversation with Scott Melker:
“Ako želite da napravite algoritamski stabilcoin, na primjer, on mora biti 300% podržan solidnom imovinom, solidnom kripto imovinom – ne 105%, ili 110%, ili čak manje. […] To nema smisla."
Ardoino shared that for UST to work, it would need 3x the investment, or over $50 billion:
More sauce https://t.co/w51pFcLJey
- Paolo Ardoino (@paoloardoino) Može 12, 2022
In earlier tweets, Ardoino podsjetio crypto enthusiasts that “Tether is honoring USDt redemptions at 1$” as he spread calm among the industry. For crypto veterans such as Whale Panda, the distinction between stablecoins is clear cut: the Tether FUD (fear, uncertainty and doubt) is “peak fud”:
Ljudi zbunjuju $ USDT i $ UST i panika.
Ljudi ne razumiju razliku između nedovoljno osiguranog algoritamskog stabilcoina i podržanog stabilcoina.
Panic dumping $ USDT za $ USDC i obicno star $ USD.Peak fud time.
Upozorenje: ova objava će privući “Tether trueers”
- WhalePanda (@WhalePanda) Može 12, 2022
The price of USDT has recovered from its very brief dip to $0.95 this morning, but it still has yet to reach dollar parity. In recent developments, Tether plans to move 1 billion USDT from Tron to Ethereum and Avalanche. This will not change the total supply of Tether, the company rekao u tvitu.
Samson Mow, CEO of Jan3 and a hyperbitcoinization pioneer, also rallied the troops behind USDT:
USDt isn’t going to lose its peg. Know when players are just trying to induce panic.
- Samson Mow (@Excellion) Može 12, 2022
Povezano: Eterski kitovi postaju zauzeti jer transakcije dostižu najvišu tačku od januara
Castle Island Ventures’ Nic Carter made light of the stablecoin saga, joking about a stablecoin event he is set to attend:
might be a bad time… but are we still doing this next week? pic.twitter.com/JyjbpagK8a
- nic carter (@nic__carter) Može 11, 2022
USDT has recovered to within two basis points of a dollar at the time of writing. Plus, an article Deli by the Tether team explained that they’re “on track to process $2 billion today.” Danger averted.
Source: https://cointelegraph.com/news/untethered-here-s-everything-you-need-to-know-about-terrausd-tether-and-other-stablecoins