Update: Tether Says it Will Honor ALL Redemptions at USD $1 for Verified Customers

Tether, issuer of the dollar-based stablecoin USDT, has announced that it will honor all redemptions at USD $1 for all verified customers.

The commitment by Tether arrives at a time of unprecedented volatility in crypto markets. In recent days, algorithmic stablecoin TerraUSD (UST) was hit by a “run on the bank” causing the dollar-based stablecoin to de-peg causing market chaos.

Most all other cryptos have been hammered as well as Bitcoin has lost more than half of its value since hitting its all-time high of around $68,000.

Earlier today, Circle CEO commented on Tether briefly dropping around 5% calling it a flight to quality as Circle’s stablecoin USDC appeared to be the beneficiary of the trade.

Tether, currently the top dollar-based stablecoin, said it has honored over 300 million USDT redemptions and is already processing more than 2 billion today, without issue.

Paolo Ardoino, Tether CTO, commented:

“Tether is gratified that the market continues to show its trust and confidence in Tether: the first, largest, and most transparent, innovative, and liquid stablecoin. We are a quickly evolving industry and as an industry we will learn from these events together.”

The value of Tether’s reserves is published daily and updated once per day.

Sponsored Links by DQ Promote

 

Send this to a friend