{"id":109069,"date":"2023-06-15T08:14:54","date_gmt":"2023-06-15T08:14:54","guid":{"rendered":"https:\/\/dripp.zone\/news\/usdt-depegs-again-as-whales-dump-largest-stablecoin-crypto-news\/"},"modified":"2023-06-15T08:14:56","modified_gmt":"2023-06-15T08:14:56","slug":"usdt-depegs-again-as-whales-dump-largest-stablecoin-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/usdt-depegs-again-as-whales-dump-largest-stablecoin-crypto-news\/","title":{"rendered":"USDT Depegs Again As Whales Dump Largest Stablecoin\n &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p>Whales have been sold off in significant amounts <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/price\/tether\/\">Tether (USDT)<\/a>the largest stablecoin in the cryptocurrency market, leading to a surge in its dominance within the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/curve.fi\/#\/ethereum\/pools\/3pool\/deposit\/\">Curve 3pool liquidity pool<\/a>,  The unusual influx of USDT has triggered concerns about the stablecoin&#8217;s stability and caused apprehension surrounding USDT&#8217;s depegging.<\/p>\n<h2>Tether Reserves in Curve 3pool<\/h2>\n<p>Miles Deutscher took to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/milesdeutscher\/status\/1669234677205569537?s=20\">Twitter<\/a> to share rising concerns on USDT.  He highlighted-<\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.71 --><\/p>\n<blockquote>\n<p>Whales have been dumping $USDT, resulting in USDT now comprising 50%+ of the Curve 3pool.<\/p>\n<\/blockquote>\n<p>The recent dumping of USDT by whales has significantly impacted the composition of the Curve 3 pool.  USDT now comprises 73.17% of the liquidity pool, with over 13% each.  This is the highest it has been since November 2022 (FTX collapse).<\/p>\n<p><noscript><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-151795\" src=\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2023\/06\/15132254\/curve-3pol.png\" alt=\"\" width=\"686\" height=\"275\"\/><\/noscript><\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.71 --><\/p>\n<p>It is unclear if this sudden surge in USDT inflows is merely the result of FUD, or if there is insider knowledge driving these actions.  A bulk of the scrutiny towards USDT comes from its de-peg in the wake of the Terra crash.<\/p>\n<p>CoinGape <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/is-tether-usdt-following-terras-ust-in-losing-its-dollar-peg\/\">Reported<\/a> on May 12, 2022, that token is down 4.8% to 0.9508 \u2013 its lowest level since the 2017 crypto crash.  Again on June 6, 2022, Tether (USDT) experienced a significant depegging event, trading at $0.18 per USD Coin (USDC) on ValleySwap.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-151803\" src=\"data:image\/svg+xml,%3Csvg%20xmlns=\" http:=\"\" alt=\"\" width=\"1427\" height=\"690\" data-lazy-src=\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2023\/06\/15134209\/USDT-CHART-.png\"\/><noscript><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-151803\" src=\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2023\/06\/15134209\/USDT-CHART-.png\" alt=\"\" width=\"1427\" height=\"690\"\/><\/noscript><\/p>\n<h3>Whale Shorts USDT<\/h3>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.71 --><\/p>\n<p>Lookonchain, a blockchain explorer, has shed further light on the situation by identifying specific addresses associated with the pump and dump activities surrounding USDT.<\/p>\n<p><strong>Also Read: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/how-stable-is-tether-data-shows-usdt-at-massive-liquidity-imbalance\/\">How Stable Is Tether?<\/a>,<\/strong><\/p>\n<p>One notable player in the USDT depegging scenario is CZSamSun, who <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/lookonchain\/status\/1669228147265662976?s=20\">reportedly<\/a> shorted USDT on Aave V2 after its depegging.  CZSamSun borrowed a substantial amount of USDT, specifically 31,544,278 USDT, from Aave V2 and exchanged it for 31,475,408 USDC at a rate of $0.9978.  Furthermore, CZSamSun deposited 10 million USDC back onto Aave V2, suggesting a calculated strategy to exploit the depegging situation.<\/p>\n<p>The recent dumping of USDT by whales and its subsequent impact on the Curve 3pool have once again raised concerns about Tether&#8217;s stability and trustworthiness.  Tether is currently trading at $0.9973, experiencing a slight 0.25% decrease in value over the past 24 hours.  With a market capitalization of approximately 83 billion, USDT continues to be one of the largest and most widely used stablecoins in the cryptocurrency market.<\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.71 --><\/p>\n<div class=\"quads-location quads-ad86313 \" id=\"quads-ad86313\" style=\"float:none;text-align:center;padding:0px 0 0px 0;\">\n<!--   --><\/p>\n<p><!-- \n\n<div class=\"ad-container-layout\">\n      \n\n<div class=\"ad-container\">\n        <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/bit.ly\/3JbHb8M\">\n          <img decoding=\"async\" src=\"data:image\/svg+xml,%3Csvg%20xmlns=\"http:\/\/www.w3.org\/2000\/svg\"%20viewBox='0%200%200%200'%3E%3C\/svg%3E\" alt=\"bitget-images\" class=\"ad-image\" style=\"\n    width: 95%;\n\" data-lazy-src=\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2022\/06\/05005321\/bitget11-1.png\"><noscript><img decoding=\"async\" src=\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2022\/06\/05005321\/bitget11-1.png\" alt=\"bitget-images\" class=\"ad-image\" style=\"\n    width: 95%;\n\"><\/noscript>\n        <\/a>\n        \n\n<div class=\"ad-content\">\n          <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/bit.ly\/3JbHb8M\">\n            <span class=\"ad-title\">Bitget is a Leading Derivatives Trading Platform. 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CoinGape writers and reporters contributed to this article.                         <\/p>\n<\/p><\/div>\n<div class=\"author_Image\">\n                                             <img loading=\"lazy\" alt=\"\" src=\"data:image\/svg+xml,%3Csvg%20xmlns=\" http:=\"\" data-lazy-srcset=\"https:\/\/secure.gravatar.com\/avatar\/452042cc86ff4d4cff7e64f282bd5358?s=400&#038;d=mm&#038;r=g 2x\" class=\"avatar avatar-200 photo\" height=\"200\" width=\"200\" decoding=\"async\" data-lazy-src=\"https:\/\/secure.gravatar.com\/avatar\/452042cc86ff4d4cff7e64f282bd5358?s=200&#038;d=mm&#038;r=g\"\/><noscript><img loading=\"lazy\" alt=\"\" src=\"https:\/\/secure.gravatar.com\/avatar\/452042cc86ff4d4cff7e64f282bd5358?s=200&#038;d=mm&#038;r=g\" srcset=\"https:\/\/secure.gravatar.com\/avatar\/452042cc86ff4d4cff7e64f282bd5358?s=400&#038;d=mm&#038;r=g 2x\" class=\"avatar avatar-200 photo\" height=\"200\" width=\"200\" decoding=\"async\"\/><\/noscript>                                       <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"TabDesCm tabcS\" id=\"TabD151786\">\n<p>    The content presented may include the personal opinion of the author and is subject to market condition.  Do your market research before investing in cryptocurrencies.  The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n<p><!-- \n\n<div class=\"container p-1 mb-3  mt-4 \">\n    \n    \n     \n\n<div class=\"Maintitle clgrn border-0\">\n               <span>Crypto Stories<\/span>\n                    \n                    \n                    <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/web-stories\/\" class=\"viewAll p-0\">View all<\/a>\n                <\/div>\n\n\n     \n\n<div class=\"row mobileXS \">\n                     \n          \n\n<div class=\"item col-md-4\"> \n        \n\n<div class=\"Newseducation\">\n         \n\n<div class=\"Eduimg WduImg\">\n            <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/web-stories\/twitter-is-now-worth-just-33-of-elon-musks-purchase-price\/?utm_source=post&utm_medium=web-story\">\n            \n\n<div class=\"edIm StoryWebimg\"><img loading=\"lazy\" width=\"640\" height=\"853\" src=\"data:image\/svg+xml,%3Csvg%20xmlns=\"http:\/\/www.w3.org\/2000\/svg\"%20viewBox='0%200%20640%20853'%3E%3C\/svg%3E\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"twitter_is_now_worth_just_33__of_elon_musk___s_purchase_price_720\" decoding=\"async\" data-lazy-src=\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2023\/05\/31173623\/twitter_is_now_worth_just_33__of_elon_musk___s_purchase_price_720.jpg\" \/><noscript><img loading=\"lazy\" width=\"640\" height=\"853\" src=\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2023\/05\/31173623\/twitter_is_now_worth_just_33__of_elon_musk___s_purchase_price_720.jpg\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"twitter_is_now_worth_just_33__of_elon_musk___s_purchase_price_720\" decoding=\"async\" \/><\/noscript><\/div>\n\n\n                \n\n<div class=\"Educontent\">Twitter is now worth just 33% of Elon Musk\u2019s purchase price <\/div>\n\n\n            <\/a>\n            <\/div>\n\n\n        <\/div>\n\n\n        <\/div>\n\n\n          \n          \n  \n              \n          \n\n<div class=\"item col-md-4\"> \n        \n\n<div class=\"Newseducation\">\n         \n\n<div class=\"Eduimg WduImg\">\n            <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/web-stories\/will-cramer-curse-strike-again\/?utm_source=post&utm_medium=web-story\">\n            \n\n<div class=\"edIm StoryWebimg\"><img loading=\"lazy\" width=\"640\" height=\"853\" src=\"data:image\/svg+xml,%3Csvg%20xmlns=\"http:\/\/www.w3.org\/2000\/svg\"%20viewBox='0%200%20640%20853'%3E%3C\/svg%3E\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"will_cramer_curse_strike_again_720\" decoding=\"async\" data-lazy-src=\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2023\/05\/31165520\/will_cramer_curse_strike_again_720.jpg\" \/><noscript><img loading=\"lazy\" width=\"640\" height=\"853\" src=\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2023\/05\/31165520\/will_cramer_curse_strike_again_720.jpg\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"will_cramer_curse_strike_again_720\" decoding=\"async\" \/><\/noscript><\/div>\n\n\n                \n\n<div class=\"Educontent\">Will Cramer Curse Strike Again? 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Tether Reserves in Curve 3pool Miles Deutscher took [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":5747,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[192,29,198,194,195,199,196,193,197,200],"class_list":["post-109069","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-blockchain-business","tag-business","tag-coins","tag-crypto-business","tag-cryptocurrency-business","tag-fiat","tag-metaverse-business","tag-nft-business","tag-token","tag-token-business"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/109069","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=109069"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/109069\/revisions"}],"predecessor-version":[{"id":109070,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/109069\/revisions\/109070"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/5747"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=109069"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=109069"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=109069"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}