Tether trades at 0.993, lowest since June 2020 | Hacker News Reader

Tether trades at 0.993, lowest since June 2020

29 pointsjmoak312 comments

Title.

Source:

https://coinmarketcap.com/currencies/tether/

I think more interesting is the discrepancy in pricing between Bitfinex (which sponsors Tether) and all the other fiat-off-ramp exchanges.

If you go to https://coinmarketcap.com/currencies/tether/markets/ and look at USDT-USD pairs only (people spending real dollars in exchange for fake dollars) then you'll see 5 exchanges where the price is no more than $0.994, while somehow at Bitfinex it's still holding $0.9999 (and was at $1.000 all day yesterday).

This is the exchange pricing which might trade lower or higher than a dollar due to liquidity.

Idk about Tether, but you can redeem your USD from USDC through Circle and Coinbase for exactly a dollar, always. No exchange needed.

Tether does not allow direct redemption, but rumour is they run bots on a few big exchanges to peg the price and perform effectively the same service while not having KYC and customer service costs.

You can actually redeem USD from Tether themselves on their website.

If you are interested in redeeming an amount >= $100,000.00.

I think a .7% deviation over 2 years is stable. So far it's doing its job, especially compared to 30% decline for most coins over the past 24-72 hours.

Isn't it fairer to call this a .7% deviation over 12 hours?

I don't know that fairness has much to do with anything but both statements are true. At one extreme Tether had a .7% deviation over a 20 minute period, and on the other extreme Tether had a .7% deviation over 2 years. Which objective fact is more fair depends on what you're comparing it to.

That said, Tether is now back to trading at $1.00 on all the major exchanges.

> That said, Tether is now back to trading at $1.00 on all the major exchanges.

Either you're rounding up to 2 decimal places, or that's not what I'm seeing: https://ca.finance.yahoo.com/quote/USDT-USD?p=USDT-USD

This link shows actual market prices and they’re not bad https://www.coingecko.com/en/coins/tether

It’s behind, Tether now 98 cents https://coinmarketcap.com/currencies/tether/

Even dropped below 95 cents for a moment.

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