{"id":582724,"date":"2023-06-15T11:50:47","date_gmt":"2023-06-15T10:50:47","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=582724"},"modified":"2023-06-15T11:50:56","modified_gmt":"2023-06-15T10:50:56","slug":"tether-usdt-depegs-curve-3pool-imbalance","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/tether-usdt-depegs-curve-3pool-imbalance\/","title":{"rendered":"Tether (USDT) Depegs Amid Curve 3pool Imbalance, \u201cLet Them Come,\u201d CTO Says"},"content":{"rendered":"\n<p>Summary: <\/p>\n\n\n\n<ul><li>On Thursday, Crypto\u2019s largest stablecoin USDT from Tether slightly depegged as a token imbalance rocked Curve\u2019s popular 3pool.<\/li><li>Tether balances on Curve\u2019s stablecoin pool peaked at 76% at press time as traders sold millions of USDT for DAI and USDC.<\/li><li>\u201cWe are ready to redeem any amount\u201d CTO Paolo Ardoino tweeted saying that edgy markets make easy prey for attackers.<\/li><\/ul>\n\n\n\n<p>Stablecoin balances on Curve\u2019s 3pool show that traders are opting out of Tether\u2019s USDT as crypto\u2019s largest stablecoin by a wide margin depegged during trading hours on Thursday.\u00a0<\/p>\n\n\n\n<p>Analysis from on-chain insight outfit Peckshield showed that USDT made up over 76% of 3pool, a stablecoin pool offered by Curve Finance that features USDT, Maker\u2019s DAI, and Circle\u2019s USDC.\u00a0<\/p>\n\n\n\n<p>The sharp balance change means that traders are swapping millions of USDT for DAI and USDC amid the slight depeg. The development could also provide an opportunity for arbitrage traders looking to profit from another depeg event in the crypto market.\u00a0<\/p>\n\n\n\n<p>Curve\u2019s 3pool showed USDT balances of over $315 million while DAI and USDC balances slipped below $50 million as traders seemingly dumped their Tether.\u00a0A similar pattern was observed last summer during Terra\u2019s meteoric collapse and again when Sam Bankman-Fried\u2019s FTX crypto exchange ran into bankruptcy.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img width=\"885\" height=\"817\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/06\/USDT-on-Curves-3pool-Image-Peckshield.png\" alt=\"\" class=\"wp-image-582725\" srcset=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/06\/USDT-on-Curves-3pool-Image-Peckshield.png 885w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/06\/USDT-on-Curves-3pool-Image-Peckshield-300x277.png 300w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/06\/USDT-on-Curves-3pool-Image-Peckshield-770x711.png 770w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/06\/USDT-on-Curves-3pool-Image-Peckshield-269x248.png 269w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/06\/USDT-on-Curves-3pool-Image-Peckshield-746x689.png 746w\" sizes=\"(max-width: 885px) 100vw, 885px\" title=\"\"><figcaption><strong><a href=\"https:\/\/twitter.com\/PeckShieldAlert\/status\/1669270373811245057?s=20\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/twitter.com\/PeckShieldAlert\/status\/1669270373811245057?s=20\" rel=\"noreferrer noopener nofollow\">USDT on Curve&#8217;s 3pool Image &#8211; Peckshield<\/a><\/strong><\/figcaption><\/figure>\n\n\n\n<p>At press time, USDT&#8217;s depeg had recovered back to $0.9975. USDT\u2019s market cap was above $83 billion on Thursday, by far the largest stablecoin market cap in crypto per CMC data.<\/p>\n\n\n\n<h2>Tether\u2019s CTO &#8211; Let Them Come\u00a0<\/h2>\n\n\n\n<p>Following the news, <a href=\"https:\/\/en.ethereumworldnews.com\/tether-btc-mining-in-uruguay\/\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/en.ethereumworldnews.com\/tether-btc-mining-in-uruguay\/\" rel=\"noreferrer noopener\">Tether<\/a> CTO Paolo Ardoino tweeted that the digital payment giant is ready to redeem any amount amid concerns about the stablecoin\u2019s market health.\u00a0<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\"><p>Markets are edgy in these days, so it&#8217;s easy for attackers to capitalize on this general sentiment. But at Tether we&#8217;re ready as always. Let them come. We&#8217;re ready to redeem any amount.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Summary: On Thursday, Crypto\u2019s largest stablecoin USDT from Tether slightly depegged as a token imbalance rocked Curve\u2019s popular 3pool. Tether balances on Curve\u2019s stablecoin pool peaked at 76% at press time as traders sold millions of USDT for DAI and USDC. \u201cWe are ready to redeem any amount\u201d CTO Paolo Ardoino tweeted saying that edgy markets make easy prey for attackers. Stablecoin balances on Curve\u2019s 3pool show that traders are opting out of Tether\u2019s USDT as crypto\u2019s largest stablecoin by [&hellip;]<\/p>\n","protected":false},"author":55,"featured_media":574438,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[947,2,26],"tags":[108147,1464,1811,108167],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/582724"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/55"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=582724"}],"version-history":[{"count":1,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/582724\/revisions"}],"predecessor-version":[{"id":582726,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/582724\/revisions\/582726"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/574438"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=582724"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=582724"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=582724"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}