The USDT launched by Tether, the largest stablecoin by market value , has been away from the USD 1 anchor for a long time since yesterday (3). According to CoinGecko data , the lowest fell to 0.9968 US dollars, Binance's "USDC / USDT" trading pair, the price of USDC also continued to rise, once reaching 1.0013 US dollars.
Curve 3pool holds a sharp incline
According to on-chain data, traders seem to be selling USDT in large quantities in major stablecoin pools such as Curve Finance and Uniswap, and the Curve 3pool stablecoin pool is currently heavily skewed:
- DAI: 19.95%
- USDC: 20.72%
- USDT: 59.33%, the highest once reached 62%
In addition, the USDT/USDC trading pool, one of Uniswap's most liquid currency pairs, currently has a USDT balance of $103 million, while a USDC balance of only $8.14 million. It shows that users tend to hold USDC or DAI during this period.
Tether CTO: Normal market activity
The reason for the sell-off could not be determined by press time. However, Paolo Ardoino, Tether's chief financial officer, issued a document early this morning (4th), saying that he thinks this may be because some people want to use volatility to prompt market makers to respond, but it seems that everything is still in the normal range.
USDt is being pressured (slightly, within 10bps, just to get market makers to react)...feels absolutely natural, not manipulative at all
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