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Comment by cheeseface | Hacker News Reader

The biggest Stablecoin, Tether, is also struggling (https://coinmarketcap.com/currencies/tether/). Their 3 month trend is clearly downwards.

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Nah, that chart has a $0.0005 range on its y axis and even there, the value is fairly stable. This is what it looks like if the range is between $0.90 and $1.10: https://link.ekin.dev/zPe9Qq

Not saying Tether is the bastion of trust but the data shows exact opposite of what you are implying.

A sound-bite from elsewhere in the comment section is stablecoins having 2 stable values - 1 and 0. In this case, if the peg isn't being maintained that could easily be a sign of heavy stress. Someone is maintaining the peg. If they don't have the power to push from 0.999 to 1.001 then they certainly don't have the power to push from 0.9 to 1.0.

I'm sceptical enough of Tether that my opinion isn't interesting, but the trending nature of the slip could easily turn out to be an early warning.

That is pure FUD. In the last year there has been less than one tenth of a cent of movement. It is so stable the graph is incredibly zoomed in to show any movement at all.

They should sell small amount at 0.5 once a month to normalize the charts

Like a periodic stress test to see how quickly things stabilize themselves?

No, just to change the scale on the vertical axis of the graph when you look at the 3M (or longer) chart.

Tether's probably the least trustworthy one, known to lie about its USD supply[0][1]. The fact that this crash happened with another coin in my eyes only further clears up that the entire field is quite problematic.

[0] https://fortune.com/2021/10/15/tether-crypto-stablecoin-fine...

[1] https://www.bloomberg.com/news/features/2021-10-07/crypto-my...

> In the last year there has been less than one tenth of a cent of movement

That aged well. Tether hit $0.9935 hours after this comment.

Looks like it dipped further to $0.9508, before mostly recovering (currently $0.997). Time will tell, I guess.

I think Tether is a scam but the current price is $0.9998, or $0.0002 off from the peg as a three month low. Calling it "struggling" is overstating things.

That’a actually an interesting trend. Tether consistently had a very wide oscillation for the bull run.

Now much smaller, and steadily down. Probably nothing but a definite change in their patterns

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