Tether Has Bought $10B From USDT Holders This Month

British newspaper The Guardian has reported that Tether Holdings Limited has bought $10 billion worth of tokens from USDT holders since the beginning of May.

According to the publication, users started to go into fiat amid the collapse of the algorithmic stablecoin UST and the LUNA token. On May 12, the price of USDT briefly lost parity against the US dollar, and then, according to Tether CTO Paolo Ardoino, the issuer redeemed $600 million worth of assets in a day.

The Guardian has written that over the past few days, Tether has redeemed USDT for a total of $2.5 billion. At the moment, the stablecoin is trading at around $0.99 and its market cap amounts to $73 billion.

Tether reduced in Q1 its reserves in commercial securities by 17%.