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Major stablecoins destabilized as market volatility and redemptions surge
Plunging cryptocurrency prices are not the only consequence of this week’s FTX-induced crypto contagion. According to CryptoQuant senior analyst Julio Moreno, nearly all leading stablecoins have experienced some level of peg volatility this week. The world’s dominant stablecoin, Tether (USDT) temporarily declined to $0.97 on Nov. 10 as redemptions surpassed $600 million over the past two days, he noted. Cointelegraph reported the Tether de-pegging incident citing evidence that FTX and sister company Alameda Research were attempting to short USDT. Source: Cointelegraph #stablecoins
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