Tether Loses Peg: Massive USDT Sell-off on Curve, Uniswap Suggests Shift to Other Stablecoins

Tether’s stablecoin USDT has lost its dollar peg after two major pools for stablecoin trading became heavily imbalanced.

On-chain data shows traders have been exchanging millions of dollars worth of USDT for other popular stablecoins like USDC and DAI on Uniswap and Curve pools.

On Thursday, USDT balances on Curve’s popular 3pool, a stablecoin swapping pool comprised of USDT, USDC, and DAI, rose to over 70%, suggesting traders had swapped tens of millions of USDT for USDC and DAI.