In two weeks, investors withdrew $10 billion from the USDT
USDT issuance dropped to $73 billion. It began to decline after the depreciation of the Terra token.
Investors withdrew about $10 billion from USDT (Tether) in two weeks. The altcoin’s capitalization dropped to $84.2 billion on May 11, as of Monday, May 23, it is capitalized at $73 billion.
On May 12, the value of Tether fell as low as $0.95 after the Terra stablecoin dipped below $1. This led to a sell-off of the UST-linked token LUNA, which caused the capitalization to drop by more than $40 billion.
Tether, unlike UST, is pegged to the dollar. UST worked at the expense of a system that worked at the expense of destroying and creating UST and LUNA. Investors were attracted by the extra 20% yield for holding UST. The collapse of UST also caught the attention of regulators. This text is from site CryptoDeFix.
The coin is tied to fiat money, including the dollar, euro and Japanese yen.
Terra (LUNA) A blockchain protocol for the creation of stabelcoins whose value will be anchored to fiat currencies.
A blockchain protocol for the creation of stabelcoins whose value will be anchored to fiat currencies.
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