Fast Take
Tether, the issuer of USDT, has just lately skilled one among its largest redemptions because the FTX collapse in Nov. 2022, based on Paolo Ardoino, Tether’s CTO.
A complete of roughly 325 million USDT was redeemed, marking a major occasion within the stablecoin’s historical past.
This comes because the circulating provide of USDT is close to document highs of round 83 billion, indicating the resilience and demand for this specific stablecoin.
An intriguing be aware is the USDT/USD redemption fee, which, based on Dylan LeClair, has fallen under the 10bp mark over the previous 24 hours. That is the bottom fee seen because the FTX collapse and will counsel a change in market habits or sentiment in the direction of the stablecoin.
This information supplies a snapshot of Tether’s exercise and the continued affect of previous market occasions, just like the FTX collapse, on current occurrences. Additional monitoring of those redemption charges and circulating provide developments may supply precious perception into the broader market dynamics and the stablecoin’s function inside it.
PayPal launched its personal stablecoin PYUSD on Aug. 7, which presently has a market cap of simply $26 million, suggesting USDT redemptions should not instantly linked to the elevated competitors.
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