Stablecoin the most popular among crypto investors, Tether (USDT) suddenly made a sharp plunge, losing its value against the US dollar.
The USDT hit a two -year record low with a trading value of $ 0.95, before bouncing back to the $ 0.97 level at the time of this writing.
A string of these incidents, the USDT became contagious on Twitter and the average investor became increasingly restless coupled with the increasingly murky performance of the crypto market.
According to Bitfinex and Tether chief technology officer Paolo Ardoino, the unstable tether performance was due to USDT redemption at $ 1 via Tether’s official website.
GM
Reminder that tether is honoring USDt redemptions at 1 $ via https://t.co/fB12xESSvB.
> 300M redeemed in last 24h without a sweat drop.
- Paolo Ardoino (@paoloardoino) May 12, 2022
It is understood over 300 million USDT has been redeemed over the past 24 hours.
Investors are also asked not to be too worried as perhaps the effects are only temporary.
This article ends with the USDT price rising at the $ 0.98 level, indicating this stablecoin is moving to normal levels.
