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The world’s biggest stablecoin has dropped below its $1 peg
Tether, the world’s largest stablecoin, broke below its $1 peg Thursday amid panic in the crypto market. The token sank to as low as 98 cents at around 3:30 a.m. ET, according to data from CoinGecko. It’s meant to be pegged one-to-one to the U.S. dollar. Tether’s decline came after terraUSD, a different stablecoin, plummeted below 30 cents Wednesday. Vijay Ayyar, head of international at crypto exchange Luno, said the move was likely “speculation-driven fear” resulting from the fallout of UST’s plunge. “The environment is ripe for such news events to cause ripples through the markets as we can see,” ... (full story)