en
Back to the list

Here Is How Tether Plans To Support USDT Peg!

Altcoins

coinpedia.org 13 May 2022 01:55, UTC
  
Reading time: ~2 m

Today, on the 12th of May Tether stated that the firm is planning to coordinate with a third party in order to perform a chain swap so that it can raise more than $ 1 billion USDT while maintaining total supply.

For every swap, Tether plans to use Tron TRC20r. The move came when the USDT fell to 0.95, destabilizing the dollar peg.

Immediately after Tether, Tron founder Justin Sun said on Twitter that Tron DAO Reserve had increased its offering of USDC and TUSD on Tron by $ 400 million.

At the same time, Tron DAO Reserve has also come forward to take up the responsibility for reducing the volatility of the algorithmic stablecoin USDD by surging the supply of USDC and TUSD by $ 400 million at Tron.

Currently, the USDD is valued at $ 0.98. The price drop of stablecoins below $1 is benefitting the traders due to FUD hovering over the crypto market

A popular analyst Michaël van de Poppe has stated that USDT peg is on the verge to restore its peg. He urges people not to compare USDT with UST as both are completely different.

Conclusion!

In the midst of the declining confidence among traders, the cryptocurrency market is under tremendous pressure. Meanwhile, the UST has lost its peg against the dollar while the USDT which is acting a bit volatile has raised new fears in the market. Over the past 24 hours, USDT trading volumes have grown by more than 50% alerting the Traders.


   Source
Back to the list