TECH
Investors withdraw over $7 billion from tether, raising fresh fears about stablecoin’s backing
Tether’s circulating supply has slipped from about $83 billion a week ago to less than $76 billion on Tuesday, according to data from CoinGecko.
The so-called stablecoin slipped below its intended $1 peg Thursday amid panic over the collapse of rival token terraUSD.
The situation has once again placed the subject of the reserves behind tether under the spotlight.
Investors have withdrawn more than $7 billion from tether since it briefly dropped from its dollar peg, raising fresh questions about the reserves underpinning the world’s largest … Read more