06/16/2022

Crypto Volatility Knocks More Stablecoins Off Their Peg

Tether encounters difficulties

Major cryptocurrency volatility has hit stablecoins, typically considered the market's safer-havens, with investors pulling money out of the sector and several losing the peg to their underlying assets.

The market capitalization of stablecoins had plummeted to $156.8 billion on Thursday, from around $181 billion at the start of May, CoinGecko data showed.

Tether , the world's largest stable-coin, briefly dropped to $0.993 on Wednesday, though it quickly regained parity with the dollar.

Please select this link to read the complete article from Reuters.