Turmoil and panic in crypto market as ‘stablecoin’ slump prompts wider collapse

Shockwaves swept through cryptocurrency markets on Thursday as tether, the largest “stablecoin” and a foundational part of the digital asset ecosystem, broke its peg to the dollar in the latest blow to the struggling sector.

Like all stablecoins, tether is intended to only ever trade at a fixed value relative to a conventional currency: one tether token is always supposed to be $1.A stablecoin, like the name suggests, is a type of cryptocurrency that is supposed to have a stable value, such as US$1 per token. How they achieve that varies: the largest, such as tether and USD Coin, are effectively banks.

“There is a definite whiff of panic in the crypto space right now amid the stablecoin collapse,” said Neil Wilson of Finalto. The selloff has taken the combined market value of all cryptocurrencies to $1.2tn, less than half of where it was last November, based on data from CoinMarketCap.

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