In two weeks, investors withdrew $10 billion from the USDT
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. Information material from catalogue cryptodefix. 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.