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Stablecoin Tether falls below $1 peg amid crypto sell-off

By Shubhangi Mathur - May 12, 2022, 05:46 PM ET
Last Updated - Feb 27, 2024, 01:55 PM EST
stablecoin
ether Chief Technology Officer Paolo Ardoino tweeted on Thursday that tether customers would receive $1 when redeeming their tokens

The token fell as low as 95 cents at one point in the day

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.

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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.

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