Tether (USDT) Stablecoin Drops Below $1 peg

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On Thursday, the stablecoin Tether USD (USDT) saw trading below $0.993, down 0.6% from its targeted $1 peg as investors worried about possible contagion effects from the crypto exchange FTX and its associated trading arm Alameda Research.

According to data from Kraken, Binance, Coinbase, and OKX, the stablecoin is now trading at the four exchanges in the $0.992-$0.993 range. USDT hit such price levels, Prior to May’s implosion of Terra and its associated UST stablecoin.