Tether (USDT) to engage third-party in chain swap from TRC20 to Ethereum and Avalanche

Tether (USDT) announced it is in the process of chain swapping through support from an (unnamed) third party after the price dropped to as low as $0.941 on Coinbase today. In this regard, however, you don’t need to worry about de-peg.

Tether (USDT) at $0.96; the transition from TRC20 to Ethereum, and Avalanche

The project was announced on Twitter as follows:

USDT came under increasing pressure today as the price plummeted below the $1 close. On Coinbase, Tether (USDT) fell as low as $0.941, losing its peg to the dollar. The USDT/USD pair is trading at $0.982 at press time, down 1.1%.

This drop comes even as Tether CTO Paolo Ardoino announced on Twitter that Tether continues to hold its peg at $1.

Traders have been selling off USDT in exchange for USD due to the uncertainty surrounding stablecoins and the crypto community’s prices. Waves stablecoin USDN showed obvious signs of weakness, sliding to $0.91 on Bittrex on May 9. TerraUSD (UST) has even dipped as low as $0.22.

The drop in USDT price below $1 has negatively affected the crypto market. But here’s why you shouldn’t worry about de-peg…

According to the official Tether website, its stablecoins are backed by physical cash or equivalents and short-term deposits. Only 6.3% of Tether’s backing is in digital assets marked as “other investments.”

But despite the stabilization zone’s diverse support, industry experts still have plenty of questions about “commercial papers,” which could be anything, including loans to small businesses. foreign developers, which is illegal in some jurisdictions.

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