In the early morning hours of today, May 12, the largest stablecoin ever, Tether (USDT), dropped to the equivalent of less than $0.96.
An alarming development, because just a few days ago, the Terra ecosystem stablecoin, TerraUSD (UST), one of the most important stablecoins, imploded and decoupled from the US dollar . Should the next one follow?
While it is currently unclear what exactly led to the largest stablecoin's plunge, the current uncertainty in the crypto and financial markets may have played a role. However, USDT has since recovered and is currently trading at $0.9981.
While Tether is secured by classic assets, TerraUSD uses an algorithm for automated purchases and sales to ensure price stability.
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