USDT Deviates US Dollar Peg

The price of the stablecoin USDT has tested the level of $0.94 amid the turbulence of the market. Paolo Ardoino, the CTO of Tether issuer, has said that the company’s reserves are enough to buy back all assets at a ratio of 1:1 to the US dollar.

USDT is the largest stablecoin with a capitalization of over $82 billion. Ardoino has recalled that Tether exchanges assets for US dollars in a 1:1 ratio through the tether.to portal. The minimum redemption amount is $100,000. He has added:

“Over $300M paid off in the last 24 hours without a single drop of sweat.”

In 2021, audit firm Moore Cayman confirmed 100% asset backing of USDT. However, the share of cash and bank deposits in the reserves was 10%, and 49% of them consisted of commercial securities.