Tether CTO Says, USDT-Dollar Remains Strong Amid Stablecoin Crises

The LUNA/UST affair has caused discrepancies in the BTC-stablecoin trading pairs on different global cryptocurrency exchanges. Cryptocurrencies are still feeling the effects of the TerraUSD disaster, with markets continuing to suffer significant losses. Related Reading | TA: Bitcoin Breaks $30K, Why This Could Turn Into Larger Downtrend While Tether (USDT) traded under $0.99, showing a sign of stress – Paolo Ardoino, Tether and Bitfinex’s chief technology officer, took to Twitter to assure people that 300 million UDST tokens had been redeemed at their $1 peg over 24 hours. Reminder that tether is honouring USDt redemptions at 1$ via http://tether.to . >300M redeemed in last 24h without a sweat drop. The CTO of Tether has the assurance that the $1 peg remains strong despite recent events. He points out they’ve maintained stability through multiple black swan shifters and highly volatile markets, never refusing redemptions with them either. Ardoino stated; Tether continues to process redemptions normally amid some expected market panic following yesterday’s market. In spite of that, Tether has not and will not refuse redemptions to any of its customers, which has always been its practice. Differences Between USDT And Algorithmic Stablecoins When the market is uncertain, it can be hard to make decisions. Ardoino offered perspective about the technical differences between USDT and algorithmic stablecoins...