Stablecoin Tether falls below $1 peg amid crypto sell-off
The token fell as low as 95 cents at one point in the day
By Shubhangi Mathur
Published - May 12, 2022, 05:46 PM ET
Last Updated - Feb 27, 2024, 01:55 PM EST
One of the world’s largest stablecoin, Tether, broke its $1 peg on Thursday amid cryptocurrency sell-off and steep decline in Bitcoin value.
Tether, which is pegged 1-to-1 to the US dollar, fell as low as 95 cents at one point in the day. According to Coin Metrics, the token traded at $0.998 in the afternoon.
This comes after another major stablecoin terraUSD plunged below 30 cents on Wednesday.
Tether Chief Technology Officer Paolo Ardoino tweeted on Thursday that tether customers would receive $1 when redeeming their tokens.
