The uncertainty around stablecoins had begun with the UST crash and inevitably spilled unto others such as USDT. This uncertainty has continued to linger weeks after the crash leading to investors moving out of stablecoins. The aftermath of the UST crash has left USDT as the most challenged stablecoin in the space and has seen billions redeemed in just a matter of weeks.
In the past two weeks, investors have pulled more than $49 billion out of USDT. This has seen the market cap of the digital asset fall to $55 billion over the course of two weeks. Most of this has been from fear arising from UST which had lost its peg and fallen to $0.06 where it is currently trading. As a result of this, a number of investors had lost billions of dollars over the last couple of weeks.
In the past two weeks, investors have pulled more than $49 billion out of USDT. This has seen the market cap of the digital asset fall to $55 billion over the course of two weeks. Most of this has been from fear arising from UST which had lost its peg and fallen to $0.06 where it is currently trading. As a result of this, a number of investors had lost billions of dollars over the last couple of weeks.