The storm that is currently rocking FTX continues to have repercussions on the entire ecosystem. Indeed, this morning, the biggest stablecoin, the USDT, lost its parity with the dollar.
DAO Tron buys for 1 billion USDT
With 70 billion dollars of capitalization, the fall of the USDT would probably bring down the entire ecosystem. As a reminder, the primary purpose of USDT is to allow users to keep assets on the blockchain while avoiding the volatility inherent in “classic” cryptocurrencies. A safe haven therefore, which if it collapsed would put thousands (millions) of people out of business.
And, so this morning, it lost about up to 3% of its value to reach $0.97. A scenario that occurs from time to time during turbulent times, but which in the current atmosphere could have incited panic and a downward spiral.
Probably aware of the stakes, the creator of the DAO Tron, Justin Sunannounced to have deployed a billion dollars to buy USDT, and therefore reduce the selling pressure on the token. A bet about to be won, since the USDT is now trading around $0.996.
On the other hand, the company that runs USDT, Tether, announced by voice its CTO that it was able to handle all withdrawals from USDT to dollars.
Be that as it may, caution, diversification and protection of your capital are the watchwords in these troubled times.
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