Tether’s USDT stablecoin value wobbled from its $1 peg amid the market carnage that wiped nearly $100 billion from the crypto market on Aug. 17.
Typically, cryptocurrency traders resort to stablecoins as a hedge against the inherent market volatility within the industry. These assets are designed to consistently maintain their pegged value, irrespective of prevailing market conditions.
USDT, however, failed at that during the last 24 hours as its value oscillated between $0.99847 during the thick of the carnage on Aug. 17 to as high as $1.0007 during the early hours of today, according to Tradingview data.
Source: Tradingview
Data from CryptoSlate shows that USDT has recovered but has yet to fully regain its $1 peg as of press time. The stablecoin was trading for $0.99951 at the time of writing.
Tether’s USDT is the largest stablecoin by market cap, controlling more than 60% of the entire market, according to CryptoSlate’s data. Per its quarterly attestation, the stablecoin issue
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