Tether’s CTO Paolo Ardoino Denies USDT’s Deviation from USD

According to Tether’s CTO Paolo Ardoino, the 3% deviation of USDT from $1 observed on CoinGecko was due to a glitch, not the real state of affairs.

According to him, prices on Binance, Bitfinex, Coinbase were within 10 bps. p. from parity.

He has urged not to panic and has remembered the obligations of Tether Limited to redeem USDT at the rate of $1 per token, which had never been violated before.

Subsequent messages from Ardoino indicated CoinGecko was having problems with data flows from Coinbase. They were removed from the calculation of the weighted average rate, and after the errors were eliminated, they were returned again.

CoinGecko’s CEO Bobby Ong has acknowledged the incorrect display of the USDT rate and has apologized.