Tether’s stablecoin USDT, $ 1.6 billion out of 48 hours.
As the crypto markets continue to decline, the market uneasiness increases accordingly. One of the most important examples of this is the $ 1.6 billion outflow from USDT in the last 48 hours.
The recent crash in the crypto markets has led to increased layoffs at large companies like Coinbase. It seems that the uneasiness in the markets has also affected investors such as crypto companies.
According to data from CoinGecko, the USDT stablecoin has outflowed $1.6 billion for the last 48 and the circulating supply has decreased to $70.8 billion. This means the lowest level has been reached since October 2021.
Although Tether’s USDT has a different structure from Terra’s UST, the massive collapse of UST has also made USDT investors nervous.
Market analyst Edward Moya said:
“Confidence in cryptos remains low and some traders are considering Tether’s Terra’s UST stablecoin. He is worried that he will suffer a similar fate to him”
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