There is a new stablecoin brewing in the crypto market since last week. As things stand, the main players are Binance, Tether, USDC and Tron’s Justin Sun. While the connections are not yet clear and need further investigation, reputable research firms and crypto analysts have set out to untangle the battle for stablecoin supremacy.
Tether (USDT) Is Depegged Since 8 Days
For eight days already, the stablecoin Tether (USDT) has been facing a slight depeg. While a slight deviation from the US dollar was quickly offset by market makers in the past, this time is different. And the reasons are mysterious.
According to a report by research firm Kaiko, “It is unclear why traders are swapping out of USDT as there has been no clear bearish catalyst.” Tether’s CTO Paolo Ardoino suggested that the selling could be “foul play” from competitors, closely timed with Binance’s listing of the new stablecoin FDUSD on July 26th.
Isn’t…
