- Cryptocurrency expert Adam Cochran has published an update on USDT.
- According to him, the asset is in the worst position since the collapse of the FTX exchange.
- He also believes that pressure on the stablecoin could come from the Binance platform.
Managing partner at venture capital fund Cinneamhain Ventures (CEHV) Adam Cochran said that pressure on USDT continues to grow. According to his data, the stablecoin is actively selling off from addresses linked to the Binance exchange.
“Even with banks opening in Asia and Europe and the U.S. coming online, the USDT peg is in its deepest deviation since the collapse of the FTX exchange,” he said.
At the time of writing, the asset is trading at $0.99834, according to TradingView:
The USDT increased to $79 million in the USDC/USDT pool on Uniswap:
The USDT share in the 3pool pool on the Curve Finance platform exceeds 67%:
According to Cochran, the addresses that are actively selling USDT on the above resources are linked to Binance. Also, some accounts are “siphoning” steiblcoins from Huobi and Kraken exchanges and then “dumping” them on the open market.
“Even if this is an attack by CZ [Changeng Zhao, CEO of Binance] to support his new steiblcoins, the market still reflects the weakest market maker confidence in USDT in a long time,” the expert emphasized.
Reminder, Incrypted has put together an extensive piece for you on what’s going on with stablecoin: