USDT Selling on Curve, Uniswap Spooks Traders Amid Bitcoin Drop
USDT holdings on Curve’s popular ‘3pool’ have risen to over 72% as of Thursday morning, suggesting a sudden disbalance.
Millions worth of tether (USDT) stablecoins appeared to be selling off on popular Uniswap and Curve pools Thursday morning, sparking early signs of concern among traders.
USDT, which usually trades around $1, and dropped as low as $0.9968, according to CoinMarketCap data. The token was recently trading at $0.998.
USDT balances on Curve’s popular 3pool, a stablecoin swapping pool made up of USDT, USDC, and DAI, rose to over 72% early on Thursday – suggesting traders had exchanged tens of millions of USDT in favor of stablecoins USD coin (USDC) and dai (DAI).
Curve’s 3pool now holds over $300 million of USDT and nearly $55 million each of dai and usdc.
The imbalance suggests an increased preference for DAI and USDC over tether. Such sentiment was previously observed during Terra’s implosion last May and the collapse of crypto exchange FTX in November, as CoinDesk .
Tether CTO Paolo Ardoino that some traders could be looking to “capitalize on the general sentiment” in the broader crypto markets, which has dipped in the past 24 hours.
“Markets are edgy these days, so it's easy for attackers to capitalize on this general sentiment,” . “But at Tether we're ready as always. Let them come. We're ready to redeem any amount.”
CORRECTION (June 15: 12:17 UTC): Corrects spelling of Ardoino's surname; adds tether loss of dollar peg in second paragraph.
Edited by Sam Reynolds.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
BNB News Update: Abu Dhabi's Web3 Strategy: Blockchain Fuels a Digital Transformation in Luxury Tourism
- Abu Dhabi's BNB Hack event highlights UAE's Web3 push in luxury tourism via blockchain solutions. - Innovations include USD1 stablecoin for cross-border transactions and WLFI token for loyalty/travel systems. - ADGM's regulatory framework attracts Web3 talent while tools like opBNB/Greenfield enable scalable dApps. - Luxury track emphasizes NFT concierge services and blockchain booking systems to enhance VIP experiences. - Event aligns with UAE's $100B digitization plan to solidify global blockchain lead
Trump’s Choice for the Fed May Transform the Unpredictable Path of Cryptocurrency
- Trump narrows Fed chair shortlist to Waller, Hassett, Warsh, Rieder, and Bowman, aiming to reshape monetary policy with rate-cut priorities. - Nomination timeline targets post-Thanksgiving meetings, with Trump emphasizing "merit" and balancing populist goals against Fed's dual mandate. - Crypto markets react to Fed uncertainty: Bitcoin rebounds above $87,000 while ETF inflows face selling pressure amid 80% rate-cut expectations. - TrustLinq's Swiss crypto-to-fiat platform and BitMine's $1B Ethereum strat
Japan Requires Crypto Platforms to Hold "Insurance" Reserves to Protect Investors from Potential Failures
- Japan's FSA mandates crypto exchanges to maintain liability reserves by 2026, protecting investors from losses via proportional funds and insurance options. - The rule follows major breaches like Mt. Gox and DMM Bitcoin , requiring reserves based on trading volume and risk profiles. - Regulators align crypto rules with traditional finance, expanding oversight to custodians and partners post-DMM hack. - Smaller exchanges may rely on insurance to ease liquidity pressures, though critics warn of increased c
‘OG whale’ who called the October crash has a $44.5M long on Ether
Trending news
MoreCrypto prices
More
