As originally reported by CNBC, Tether (USDT) has seen investors pull more than $10 billion USD in the last two weeks. The sudden panic comes from talk of government regulations on stablecoins and the depegging of the Terra (UST) stablecoin.
Despite losing $10 billion, Tether remains the leading stablecoin in the crypto ecoysostem.
Graphic displaying the stablecoin market. Originally posted & taken from CNBC.com
Will Tether keep peg?
Unlike TerraUSD, Tether is said to be backed by fiat held by the overseeing organization. Despite briefly losing peg earlier last week, Tether remains pegged at $1 and has been able to fulfill all withdrawal requests without issue. The organization has had its controversies however. The company previously claimed tether was backed by dollars in a bank account, but it was later revealed the organization was using other assets including commercial paper and digital tokens as collateral.
Originally Posted on Crypto Crossing