RATE Group | USD-Pegged Cryptocurrency Tether [Briefly] Returns to Dollar Parity
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USD-Pegged Cryptocurrency Tether [Briefly] Returns to Dollar Parity

29 Oct USD-Pegged Cryptocurrency Tether [Briefly] Returns to Dollar Parity

Posted at 15:58h in Cryptocurrency News by

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tether cryptocurrency stablecoin

Tether (USDT), the USD-pegged cryptocurrency that spent nearly half of October trading below $1.00, finally returned to dollar parity on Monday, though it remains to be seen whether it will stay there amid mounting competition from heavyweight competitors.

Tether [Briefly] Returns to Dollar Parity

The controversial stablecoin, which is supposedly backed by physical USD at a 1:1 ratio, briefly touched the $1.00 mark this morning, putting a temporary end to the USDT/USD discount that originated at the beginning of October.

tether cryptocurrency price USDT
Source: CoinMarketCap

Initially, that discount represented just a fraction of a cent. However, it gradually deepened throughout the first half of the month until Oct. 15, when the USDT/USD peg snapped completely, sending the tether price as low as $0.92 on the global market and careening as far as $0.85 in Kraken’s lightly-traded USDT/USD market.

Nevertheless, the tether price steadily crept back toward dollar parity, bolstered by the redemption of hundreds…

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