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Tether (USDT) Stablecoin Drops Below $1 peg

Author: Elena R

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Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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On Thursday, the stablecoin Tether USD (USDT) saw trading below $0.993, down 0.6% from its targeted $1 peg as investors worried about possible contagion effects from the crypto exchange FTX and its associated trading arm Alameda Research.

According to data from Kraken, Binance, Coinbase, and OKX, the stablecoin is now trading at the four exchanges in the $0.992-$0.993 range. USDT hit such price levels, Prior to May’s implosion of Terra and its associated UST stablecoin.

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