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June 16, 2024
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Whales Swap USDT for USDC, Why is USDT Losing its Peg or It’s Just Another FUD?

The post Whales Swap USDT for USDC, Why is USDT Losing its Peg or It’s Just Another FUD? appeared first on Coinpedia Fintech News

Tether, the most dominant stablecoin with over 76% of the stablecoin market share, appears to be in hot water right now! However, there is no clear indication of a ‘depeg’ but the popular token is facing massive selling pressure. Moreover, USDT is also being swapped for USDC, which may further challenge its dominance within the crypto space. 

There are two major pools that are experiencing notable selling pressure, presently, Curve 3 Pool and Uniswap v3 Pool. Curve 3 Pool is the 3rd largest DEX pool and the largest USDT and DAI pool. Presently, the USDT is up over 50%, and if the balances continue to rise, it’s a sign of the market going risk off. 

Source: Delphidigital

Besides, speculation about shorting USDT is also hovering within the crypto space. A popular on-chain analytical platform, Lookonchain, recorded some interesting transfers that may compel us to think from this perspective. 

As per the platform, CZSamSun, a USDT whale, is busy shorting the token as the latest transactions add fuel to the fire. The whale initially deposited 21.68 million USDC and borrowed 12 million USDT, which he repaid in no time. However, one cannot draw any definite conclusions right now, but the selling and swapping levels seem to be abnormal and concerning too. 

Tether has maintained the USDT peg each time it tumbles down by either burning USDT or injecting more. Probably, it could be another Tether FUD, but the ‘no depeg’ situation may also not be eliminated.

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