- The balance of stablecoins in the Curve Finance and Uniswap pools indicates pressure on USDT.
- Active is being sold, which is affecting its positions. On Aug. 4, the stablecoin repeatedly lost its peg to the dollar.
- CTO of Tether, the USDT issuing company, publishes a denunciatory message to some competitor.
The USDT stablecoin lost its peg to the dollar on Friday, Aug. 4, according to CoinMarketCap. Curve Finance and Uniswap platform pools are seeing serious selling pressure on the asset.
The USDT is trading at $0.999 as of this writing. At one point it was falling to the $0.998 level, according to CoinMarketCap:
At the time of writing, the USDC/USDT Uniswap pool shows an imbalance toward the Tether stablecoin:
USDC/USDT Uniswap pool
The situation is similar in the 3pool pool at Curve Finance. At the time of writing, USDT has a 59.6% share:
Pool 3pool on Curve Finance
USDT has already lost its peg to the dollar in 2023. This occurred in mid-June, at which time there was also an imbalance in pool balances. At the time, Twther’s CTO Paolo Ardoino said that this situation arose in the market due to speculators.
We recall that the company’s CTO has already had time to comment on the current turbulence, noting the strange behavior of a certain “newcomer” in the segment.
We broke down his publication in detail, as well as a possible candidate in a separate story. Note that in addition to USDT, USDC is also falling, while FDUSD, which Binance added to the platform on Aug. 3, continues to grow.