Against the backdrop of market turbulence, USDT stablecoin price tested the $0.94 level. The Tether issuer’s CTO, Paolo Ardoino, said the company’s reserves are sufficient to repurchase all assets at a 1:1 ratio to the US dollar.

At the time of writing, USDT is trading near $0.95 (Coinbase).

According to CoinGecko, USDT is the largest stablecoin with a capitalization exceeding $82 billion. Ardoino recalled that Tether exchanged assets for US dollars at a 1:1 ratio via the tether.to portal. The minimum repayment amount is $100,000.

general manager
We remind you that Tether honors USDt usages at $1 via https://t.co/fB12xESSvB.
>300M used without sweat drop in last 24 hours.

— Paolo Ardoino (@paoloardoino) 12 May 2022

“Over $300 million has been paid in the last 24 hours without breaking a sweat,” he added.

In 2021, audit firm Moore Cayman confirmed USDT’s 100% asset support. However, the share of cash and bank deposits in reserves is 10%, 49% of which consists of commercial securities.

At the same time, USD Coin (USDC) and Binance USD (BUSD) look relatively stable. At the time of writing, they are trading almost 4% above their competitors. However, currently the spread on USDC/USDT and BUSD/USDT pairs has reached 13% and 10% respectively.

Recall, Recall, at the beginning of May 11, the Terra ecosystem’s algorithmic stablecoin – TerraUSD (UST) – lost its peg back to the US dollar. The next day, the LUNA cryptocurrency used to issue it dropped to $0.3.