LONDON, May 13 ― The meltdown in TerraUSD, one of the world's largest stablecoins, rippled through cryptocurrency markets yesterday, pushing another major stablecoin Tether below its dollar peg and sending bitcoin to 16-month lows.
Tether, a reserve-backed stablecoin which is supposed to be pegged 1:1 to the US dollar, dropped to as low as 95 cents earlier in the global session, according to CoinMarketCap price data. It was last at 99 cents. Bitcoin, the largest cryptocurrency by market cap, hit a low of US$25,401.05 yesterday, its lowest level since December 28, 2020. It was last down 0.9 per cent at US$28,751.
Ether, the world's second-largest cryptocurrency, fell to its lowest since June 2021, sinking as low as US$1,700. “The de-pegging will likely result in a substantial regulatory risk ― if not for the whole crypto space, then certainly for the stablecoins market.” Tether slipped below its 1:1 dollar peg, hitting a low of 95 cents around 0724 GMT yesterday, based on CoinMarketCap data.
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