USDT Maintains Dollar Peg as Traders Shrug Off DOJ Tether Probe Report
Unlike past scares, Monday’s report of a Department of Justice investigation hasn’t shaken traders’ faith in the stablecoin.
Roughly 93% of Tether's commercial paper and certificates of deposit holdings was rated A-2 and above, while 1.5% was rated below A-3.
Though USDT and USDC still captured the largest market share, smaller stablecoins are trying to prove that they are backed by safer assets.
The issuer of the world's largest stablecoin has minted 2.3 billion new USDT tokens since the start of August.
The changing trading patterns in USDT might be the result of China's recent crackdown on cryptocurrency mining and trading.
Possible criminal charges against Tether executives will put even more pressure on a product that the market is already cooling on.