Tether’s Peg Track Record: Every Time USDT Traded Above Or Below 1 Dollar
Tether's Peg Track Record:
Tether (USDT) is the largest stablecoin in the world. Tether’s market capitalisation is $72 billion, and its peg has generally stayed $1 since its inception in October 2014. Tethers are backed by a variety of assets, and select customers can redeem Tethers for tiny amounts of dollar.
Tether’s Peg Track Record: Every Time USDT Traded Above Or Below 1 Dollar
Tether users appreciate its minimal volatility, convenience of use, and relatively consistent reference price. Every day, crypto exchanges throughout the world report tens of billions of dollars in Tether-denominated crypto transactions.
Despite its efforts to keep the price at $1 at all times, liquidity cascades on occasion. Since its inception, the USDT price has fluctuated widely. Tether’s peg once broke to $0.001 and once blew away any short-seller bets as it soared to $1,000.
A timeline of all important times when Tether’s peg failed to retain $1 can be seen below:
Timeline of Tether’s peg
Tether’s Peg Track Record: Every Time USDT Traded Above Or Below 1 Dollar
Here’s a timeline of when Tether failed to stay at $1 — both above and below the current price. Note that the amount cleared on the trading day was not necessarily all at the price specified, but rather indicates the total dollar amount cleared in those 24 hours.
On EXMO on December 30, 2017, USDT was trading at $10 per USD. On that day, EXMO’s USDT/USD trading pair cleared $213,000 dollars.
The second time it de-pegged was on October 15, 2018, when USDT traded on Bittrex for $0.87 per USD. On that day, the USDT/USD trading pair on Bittrex cleared $3 million dollars.
On Poloniex on October 15, 2018, USDT was trading at $0.51 per USD Coin (USDC). That day, $2 million was cleared on Poloniex’s USDT/USDC trading pair.
On January 22, 2019, it traded on OKCoin for $0.001 per USD, with $120,000 cleared.
On May 11, 2019, Tether was trading at $1,000 per USD on Kraken. That day, $6 million was cleared on Kraken’s USDT/USD trading pair.
USDT traded at $4.99 per USD on Binance on February 19, 2020, more than a year later. Binance cleared a $2 million dollar transaction. During that 24-hour period, the USDT/USD trading pair in the United States.
Tether’s Peg Track Record: Every Time USDT Traded Above Or Below 1 Dollar
On Bittrex on March 13, 2020, USDT was trading at $1.15 per USD. On that day, the USDT/USD trading pair on Bittrex cleared $3 million dollars. On the same day, USDT traded on FTX for $1.05 per USD. The USDT/USD trading pair on FTX cleared $12 million dollars.
On FTX on April 30, 2020, USDT was trading at $0.96 per USD. On that day, FTX’s USDT/USD trading pair cleared $4 million dollars.
On December 16, 2020, USDT traded at $0.93 per USD on OKCoin, resulting in a $10 million dollar settlement on OKCoin’s USDT/USD trading pair in that 24 hour period.
On Bitstamp five months later, on May 19, 2021, USDT was trading at $1.10 per USD. On that particular day, $150 million was cleared on that trading pair.
On Bitstamp on December 15, that year, USDT was trading at $9 per USD. Bitstamp’s USDT/USD trading pair cleared $4 million dollars.
On Kraken on May 12, 2022, USDT was trading at $0.92 per USD. On that day, Kraken’s USDT/USD trading pair cleared $1 billion dollars.
On May 12, 2022, USDT was trading at $0.57 per USD on Bittrex. On that day, Bittrex’s USDT/USD trading pair cleared $10 million dollars.
On ValleySwap on June 6, 2022, USDT was trading at $0.18 per USD Coin (USDC). On that day, $7 million in USDT/USDC trading volume was cleared
We will continue to cover Tether’s escapades and efforts to keep its peg as it contends with regulators, short-sellers, and antagonistic market participants.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.