Tether FUD panic calls on USDT, investors see shorting opportunity

Due to Tether FUD, more people are shorting USDT, which has resulted in a sharp rise in the APY for USDT Borrow. The Compound USDT Borrow rate hits 38%, while the Aave USDT borrow rate reaches 12.71%.

Timeline of Tether

Following sanctions from legal authorities, stablecoin issuer Tether has confiscated around $46 million worth of USDT on the Tron blockchain network. The wallet address currently holding the stablecoins is suspected to be owned by the defunct cryptocurrency exchange FTX.

USDT witnesses massive short positions against itself Number of Active addresses and number of transfers grew USDT, the number one stablecoin in terms of market cap according to CoinMarketCap, may be on the receiving end of the larger FUD surrounding the crypto market.

The largest stablecoin, Tether, increased its holdings of U.S. Treasury bills to $39.7 billion and reduced its commercial paper to around $50 million as of Sept. 30, 2022, according to a reserves attestation published on Thursday.

Amid the market fluctuations on Thursday, data shows the stablecoin tether temporarily tapped a low of $0.961 per unit. Tether's market fluctuations have affected the decentralized finance (defi) protocol Curve's 3pool, as the stablecoin pool has become unbalanced Thursday morning. Furthermore, at 9:35 a.m.

In response to a request from law enforcement, stablecoin holder Tether (CRYPTO: USDT) has frozen $46 million in USDT on the Tron blockchain owned by the embattled cryptocurrency exchange FTX.

Tether Freeze FTX USDT Assets: In a sudden development, Tether said it froze 46 million of USDT belonging to troubled crypto exchange FTX. The post Breaking: Tether Freezes USDT Assets Belonging To FTX appeared first on CoinGape.

Tether has frozen 46 million of USDT owned by crypto exchange FTX, as a result of a request from law enforcement. The post Tether freezes 46.3 million USDT owned by FTX at request of law enforcement appeared first on The Block.

The crypto markets have become more volatile ever since the problems with the FTX exchange and Alameda came to light. Extreme panic was felt in the market as Bitcoin and all the other major cryptocurrencies hit fresh yearly lows.

Tether (USDT), the largest stablecoin in existence and the lubricant that keeps the crypto markets ticking over, briefly fell 2% below its US$1 peg in the past hour. While stablecoin depeggings are common, anything greater than a fraction of a percent can be worrying.

Justin Sun's Tron is purchasing 1 billion USDT to fight short sellers and "safeguard the overall blockchain industry." The post Tron Dao to purchase 1 billion USDT to fight short sellers appeared first on The Block.