Tether's market price slips below dollar parity amid ongoing stablecoin woes

The stablecoin is designed to keep a constant peg with the dollar.Tether , the largest stablecoin, slipped below $0.96 early Thursday in a further sign of stress in the crypto market.as of 3:15 a.m. ET. On Bitfinex, USDT is trading at $0.998. Bitfinex and the stablecoin Tether are subsidiaries of the same parent company.

It's unclear at this time what's driving the market event, though broad fears around continued market turbulence, spurred on by the market collapse of both UST as well as Terra's native asset, LUNA, have affected crypto prices in recent days. Bitcoin is currently trading at roughly $25,800 on Coinbase, according to TradingView data.

Unlike UST, USDT is backed by a pool of invested assets and investors are supposed to be able to redeem one USDT for $1 at any time.

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TheBlock__ /  🏆 464. in JP

AJRummer Only USDT and not the rest...USDC,TUSD,GUSD, DAI

AJRummer Ok it's officially beginning

AJRummer you heard it hear first

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