Tether (USDT), the largest stablecoin, slipped below $0.96 early Thursday in a further sign of stress in the crypto market.
The token dropped to a 24-hour low of $0.956 on FTX as of 3:15 a.m. ET. On Bitfinex, USDT is trading at $0.998. Bitfinex and the stablecoin Tether are subsidiaries of the same parent company.
Over the past few days, TerraUSD (UST) — an algorithmic stablecoin native to Terra that is supposed to track the price of the US dollar — has drastically de-pegged.
It’s unclear at this time what’s driving the market event, though broad fears around continued market turbulence, spurred on by the market collapse of both UST as well as Terra’s native asset, LUNA, have affected crypto prices in recent days. Bitcoin is currently trading at roughly $25,800 on Coinbase, according to TradingView data.
Other stablecoins in the market are trading at a premium against USDT as of press time. Binance USD (BUSD) and USD Coin (USDC) are trading at $1.08 and $1.09, respectiv
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