Last Thursday another stable coin seem to have de-peg even though it was brief. Tether drop down to as low as $0.94 per the dollar and FUD would spread briefly.
$3 billion Withdraw
The massive drop in USDT peg came likely due to a withdraw of $3 billion. In fact Tether later admitted some one or group have withdraw the USDT without losing peg for far too long. In less than a day USDT was close back to peg.
Rather looking at the reasons a stable coin achieves dollar beg I now wonder how much a stable coin total amount being withdraw could tumble the coin itself?
With UST down and likely out for good there are more stable tokens left to target and fear of un-peg can quickly cascade. One big withdraw from the top stable token USDT caused a temporary un-peg. However what if more were to come? Can stable coins really be stable?
None of what I write is financial advice. It is for entertainment purposes only. Thanks for reading!
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