{"id":351135,"date":"2023-08-18T13:55:18","date_gmt":"2023-08-18T12:55:18","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=351135"},"modified":"2023-08-18T13:57:25","modified_gmt":"2023-08-18T12:57:25","slug":"tether-usdt-stability-tested-amid-crypto-market-shakeup","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/tether-usdt-stability-tested-amid-crypto-market-shakeup\/","title":{"rendered":"Tether USDT stability tested amid crypto market shakeup"},"content":{"rendered":"<p>Tether's <a href=\"https:\/\/cryptoslate.com\/coins\/tether\/\">USDT<\/a> stablecoin value wobbled from its $1 peg amid the market carnage that wiped nearly $100 billion from the crypto market on Aug. 17.<\/p>\n<p>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.<\/p>\n<p>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 <a href=\"https:\/\/www.tradingview.com\/symbols\/USDTUSD\/\">data.<\/a><\/p>\n<figure id=\"attachment_351142\" aria-describedby=\"caption-attachment-351142\" style=\"width: 1827px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-351142\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/08\/USDTUSD_2023-08-18_12-20-58.png\" alt=\"Tether USDT Price\" width=\"1827\" height=\"574\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/08\/USDTUSD_2023-08-18_12-20-58.png 1827w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/08\/USDTUSD_2023-08-18_12-20-58-300x94.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/08\/USDTUSD_2023-08-18_12-20-58-1024x322.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/08\/USDTUSD_2023-08-18_12-20-58-768x241.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/08\/USDTUSD_2023-08-18_12-20-58-1536x483.png 1536w\" sizes=\"(max-width: 1827px) 100vw, 1827px\" \/><figcaption id=\"caption-attachment-351142\" class=\"wp-caption-text\">Source: Tradingview<\/figcaption><\/figure>\n<p>Data from <em>CryptoSlate<\/em> shows that USDT has recovered but has yet to fully regain its $1 peg as of press time. The stablecoin was trading for $<span class=\"holepunch holepunch-coin_price_usd\">0.99951 at the time of writing.<\/span><\/p>\n<p>Tether's USDT is the largest stablecoin by market cap, controlling more than 60% of the entire market, according to <em>CryptoSlate's<\/em> data. Per its quarterly <a href=\"https:\/\/cryptoslate.com\/tether-reports-bitcoin-reserves-up-by-170m-alongside-drawdown-in-precious-metals-allocation\/\">attestation<\/a>, the stablecoin issuer has an excess reserve of up to $3.3 billion.<\/p>\n<p>However, a look at 3Pool's <a href=\"https:\/\/curve.fi\/#\/ethereum\/pools\/3pool\/deposit\">dashboard<\/a> \u2014 the largest liquidity pool on Curve \u2014shows that crypto investors favored rival stablecoins options over USDT during the market situation. According to the dashboard, USDT accounts for nearly 50% of the reserve, while USD Coin (<a href=\"https:\/\/cryptoslate.com\/coins\/usd-coin\/\">USDC<\/a>) and <a href=\"https:\/\/cryptoslate.com\/coins\/multi-collateral-dai\/\">DAI<\/a> make up the 50% balance.<\/p>\n<p>This means traders have likely been selling USDT for DAI and USDC, as the pool is supposed to contain an equal amount of 33.33% of each of the three stablecoins.<\/p>\n<figure id=\"attachment_351146\" aria-describedby=\"caption-attachment-351146\" style=\"width: 649px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-351146\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-18-124223.jpg\" alt=\"Tether Depeg\" width=\"649\" height=\"301\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-18-124223.jpg 649w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-18-124223-300x139.jpg 300w\" sizes=\"(max-width: 649px) 100vw, 649px\" \/><figcaption id=\"caption-attachment-351146\" class=\"wp-caption-text\">Source: Curve Pool<\/figcaption><\/figure>\n<p>Additionally, Tether's market cap saw a slight decline from a peak of $83.08 billion to its current balance of $82.8 billion, according to <em>CryptoSlate's<\/em> data. This further indicates how the market situation impacted USDT as traders sought refuge in other assets.<\/p>\n<p>Notwithstanding these challenges, USDT emerged as the most traded stablecoin in the past 24 hours, boasting a trading volume exceeding $50 billion. This figure is six times higher than its rival, USDC, recorded during the same period.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tether&#8217;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 [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":351137,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[32631],"tags":[76896,76824,72860],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tether USDT stability tested amid crypto market shakeup<\/title>\n<meta name=\"description\" content=\"Tether&#039;s USDT price wobbled during the last 24 hours amid a market situation that impacted the broader crypto market.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/tether-usdt-stability-tested-amid-crypto-market-shakeup\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tether USDT stability tested amid crypto market shakeup\" \/>\n<meta property=\"og:description\" content=\"Tether&#039;s USDT price wobbled during the last 24 hours amid a market situation that impacted the broader crypto market.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/tether-usdt-stability-tested-amid-crypto-market-shakeup\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-18T12:55:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-18T12:57:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/08\/tether-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/tether-usdt-stability-tested-amid-crypto-market-shakeup\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/tether-usdt-stability-tested-amid-crypto-market-shakeup\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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