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Tether (USDT) Drops Below One Dollar As Team Announces Chain Swap

Tether has dropped against the U.S. Dollar slightly — causing a bit of a de-peg to the fiat currency. According to the crypto market tracker, CoinMarketCap, the price of...
Tether (USDT) Drops Below One Dollar As Team Announces Chain Swap © Reuters Tether (USDT) Drops Below One Dollar As Team Announces Chain Swap

    • Tether has dropped against the U.S. Dollar slightly — causing a bit of a de-peg to the fiat currency.
    • According to the crypto market tracker, CoinMarketCap, the price of Tether (USDT) currently stands at $0.9852.
    • The reasons for USDT losing its peg to the dollar slightly are not clear.

The largest cryptocurrency stablecoin by market cap, Tether, has dropped against the U.S. Dollar slightly — causing a bit of a de-peg to the fiat currency. According to the crypto market tracker, CoinMarketCap, the price of Tether (USDT) currently stands at $0.9852. The reasons for USDT losing its peg to the dollar slightly are not clear.

USDT could be feeling a bit of market pressure seeing that Terra USD (UST) was unable to maintain its peg. The slight dip could also have something to do with Tether’s recent announcement that they will be using a 3rd party to perform a chain swap — an event where a crypto shifts from one blockchain to another.

According to a tweet made on Tether’s official Twitter (NYSE:TWTR) page, Tether will work with a 3rd party to perform a chain swap. The chain swap will see 1 billion USDT converted from the Tron (TRC20) chain to the Ethereum (ERC20) chain, and then 20 million USDT converted from the Tron chain to Avalanche.

According to the post, the total supply of Tether (USDT) “will not change during this process”.

It did not take long for the crypto community to question the motive behind the chain swap. Many members of the community cited their fear that the fate of the stablecoin may follow that of USTs.

However, it could just be that Tron does not want 2 large stablecoins on the same chain, seeing that their USDD stablecoin (cryptocurrency issued by Tron) is gaining traction in the market. The Tether team could also not want to share the Tron chain with USDD for potential congestion prevention.

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18-05-2022 14:14:22 (UTC+7)

EUR/USD

1.0517

-0.0030 (-0.28%)

Summary

Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (5)

EUR/USD

1.0517

-0.0030 (-0.28%)

Summary

Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (5)

GBP/USD

1.2418

-0.0073 (-0.58%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

USD/JPY

129.21

-0.18 (-0.14%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (7)

AUD/USD

0.7005

-0.0024 (-0.34%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (9)

USD/CAD

1.2832

+0.0024 (+0.18%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (1)

EUR/JPY

135.88

-0.58 (-0.43%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (8)

EUR/CHF

1.0474

-0.0003 (-0.02%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (0)

Sell (6)

Gold Futures

1,810.51

-8.39 (-0.46%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (8)

Sell (0)

Silver Futures

21.555

-0.195 (-0.90%)

Summary

Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (3)

Sell (3)

Copper Futures

4.1960

-0.0363 (-0.86%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (9)

Crude Oil WTI Futures

110.52

+0.89 (+0.81%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (2)

Sell (6)

Brent Oil Futures

112.49

+0.56 (+0.50%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (7)

Sell (2)

Natural Gas Futures

8.186

-0.128 (-1.54%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (6)

US Coffee C Futures

228.63

+3.83 (+1.70%)

Summary

Neutral

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (2)

Sell (6)

Euro Stoxx 50

3,739.65

-1.86 (-0.05%)

Summary

Neutral

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (3)

Sell (3)

S&P 500

4,088.85

+80.84 (+2.02%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

DAX

14,179.31

-6.63 (-0.05%)

Summary

Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (3)

Sell (2)

FTSE 100

7,507.60

-10.75 (-0.14%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (6)

Hang Seng

20,552.00

-50.52 (-0.25%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (0)

Sell (9)

US Small Cap 2000

1,840.30

+56.87 (+3.19%)

Summary

Neutral

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (5)

Sell (3)

IBEX 35

8,517.79

+42.09 (+0.50%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (7)

Sell (0)

BASF SE NA O.N.

50.385

-0.305 (-0.60%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (1)

Sell (7)

Bayer AG NA

64.05

-0.07 (-0.11%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (9)

Sell (0)

Allianz SE VNA O.N.

201.53

-0.72 (-0.36%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (6)

Adidas AG

182.79

-0.51 (-0.28%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (9)

Sell (0)

Deutsche Lufthansa AG

6.862

+0.035 (+0.51%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (1)

Siemens AG Class N

116.46

-0.04 (-0.03%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

Deutsche Bank AG

9.543

+0.005 (+0.05%)

Summary

Neutral

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (3)

Sell (5)

 EUR/USD1.0517Sell
 GBP/USD1.2418↑ Sell
 USD/JPY129.21↑ Sell
 AUD/USD0.7005↑ Sell
 USD/CAD1.2832↑ Buy
 EUR/JPY135.88↑ Sell
 EUR/CHF1.0474Sell
 Gold1,810.51↑ Buy
 Silver21.555Sell
 Copper4.1960↑ Sell
 Crude Oil WTI110.52↑ Sell
 Brent Oil112.49↑ Buy
 Natural Gas8.186↑ Sell
 US Coffee C228.63Neutral
 Euro Stoxx 503,739.65Neutral
 S&P 5004,088.85↑ Buy
 DAX14,179.31Buy
 FTSE 1007,507.60↑ Sell
 Hang Seng20,552.00↑ Sell
 Small Cap 20001,840.30Neutral
 IBEX 358,517.79↑ Buy
 BASF50.385↑ Sell
 Bayer64.05↑ Buy
 Allianz201.53↑ Sell
 Adidas182.79↑ Buy
 Lufthansa6.862↑ Buy
 Siemens AG116.46↑ Buy
 Deutsche Bank AG9.543Neutral
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,825/ 6,925
(0/ 0) # 1,845
SJC HCM6,825/ 6,925
(0/ 0) # 1,847
SJC Hanoi6,825/ 6,927
(0/ 0) # 1,849
SJC Danang6,825/ 6,927
(0/ 0) # 1,849
SJC Nhatrang6,825/ 6,927
(0/ 0) # 1,849
SJC Cantho6,825/ 6,927
(0/ 0) # 1,849
Cập nhật 18-05-2022 14:14:24
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ↀ Giá vàng thế giới
$1,812.46-2.22-0.12%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V30.58031.190
RON 95-III29.98030.570
E5 RON 92-II28.95029.520
DO 0.05S26.65027.180
DO 0,001S-V27.45027.990
Dầu hỏa 2-K25.16025.660
ↂ Giá dầu thô thế giới
WTI$113.38+1.951.72%
Brent$112.56+2.52.22%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.955,0023.265,00
EUR23.783,5625.115,95
GBP28.150,0329.351,12
JPY173,94184,14
KRW15,7819,22
Cập nhật lúc 14:10:01 18/05/2022
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