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World’s biggest stablecoin regains dollar peg after $3 billion in withdrawals
Tether, the world’s largest stablecoin, regained its peg to the dollar after more than $3 billion worth of tokens left the system in a single day. The cryptocurrency — which is meant to always be worth $1 — sunk as low as 95 cents on Thursday and struggled to climb back to its intended dollar peg. By Friday, tether was trading firmly at $1 again, soothing investors’ fears about a possible crypto market contagion from the collapse of embattled stablecoin project Terra. TerraUSD, or UST, is different to tether in that it relies on a complex mix of code and a sister token called luna to stabilize its price. It ... (full story)
