Tremors through stablecoin market continue as tether suffers $7bn sell-off

Investors pulled $7bn

clock • 2 min read

Hong Kong-issued tether is the latest cryptocurrency to suffer losses, as investors pulled $7bn of investment, according to a Financial Times report.

It followed the destabilisation of TerraUSD, the stablecoin which fell from $118 to $0 last week. Tether, which can be hosted on the Ethereum and Bitcoin blockchains, among others, briefly lost its one-to-one US dollar peg last week, and saw its market value fall by 9% since May 12, to $76bn, as tokens were removed from circulation to appease investors, according to CryptoCompare data. Tether traded at 95 cents last Thursday (12 May), below the $1 level it aims to maintain, triggering unrest across broader digital asset markets. In a speech given on Monday (16 May), executive board...

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