As all mainstream cryptocurrencies were bleeding in the last few days, many crypto users decided to increase the share of stablecoins in their portfolios. As such, the FTX/Alameda collapse amplified all of the flaws of this very important segment of Web3.For many crypto holders, U.S. Dollar Tether , the largest stablecoin by market capitalization, was a"safe haven." Users started aggressively buying USDT on centralized and decentralized exchanges.
It should be added that on Nov. 10, 2022, amid the market bloodbath, Tether representatives released their periodic attestation.
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