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.

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