Against the backdrop of market turbulence, the price of the stablecoin USDT tested the $0.94 level. Paolo Ardoino, chief technology officer of issuer Tether, said the reserves are enough to redeem all assets on a 1:1 basis with the US dollar.
At the time of writing, USDT was trading around $0.95 (Coinbase).
Earlier on May 11, the Terra ecosystem’s algorithmic stablecoin TerraUSD (UST) again lost its peg to the US dollar. The following day, the cryptocurrency used to issue it, LUNA plunged to $0.3.
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