The fire appears to be spreading following yesterday’s aborted acquisition attempt by competitor Binance of faltering cryptocurrency exchange FTX. Tether, a stablecoin, is currently in difficulty because to the faltering cryptocurrency exchange and trading company Alameda Research, which is in danger of going bankrupt.
This has fallen by roughly two percent in the interim and has failed to reach its $1 comfort level. TheBlock reports that this morning a wallet connected to Alameda Research took out a credit of 250,000 USDT on Avenue. The money was then given to Curve. This sum, according to rumor, will be utilized for short sales.
As a result of these transactions, USDT is overweighted relative to other stablecoins, upsetting the equilibrium of the Curve ecosystem.
However, according to Tether CTO Paolo Ardoino, there’s no reason to be concerned because payments totaling $700 million have been made in the last 24 hours without any problems.
#tether processed ~700M redemptions in last 24h.
We keep going.
— Paolo Ardoino 🍐 (@paoloardoino) November 10, 2022