After the Russian invasion of Ukraine, Ukrainians pay Tether premiums of up to $0.11.
After the Russian invaders attacked Ukraine, Ukrainian citizens started converting their fiat currencies into USDT. While the trading volume on crypto exchanges in the country increased rapidly, the huge demand for USDT caused the asset to be traded at a premium of $0.11.
As is known, stablecoins such as Tether are fixed to the US Dollar at a ratio of 1:1. However, the increased demand can cause slight deviations in the prices of stablecoins. This was also the case in Ukraine, and citizens showed a great demand to convert their depreciating currency hryvnia to USDT. Then, there was an increase of $0.11 in USDT. According to data from Ukrainian crypto exchange Kuna, $773,000 worth of USDT has been traded on the platform in the past 24 hours. According to
CoinMarketCap data, almost 32% of Kuna’s trading volume in the last 24 hours was in USDT-hryvnia. Similarly, Google Trends data shows that both “USDT” and “Tether” searches are increasing rapidly in Ukraine.
Kuna founder Michael Chobanian also acknowledged that there is now a “limited supply of USDT” on the exchange, which “results in the currency trading at a huge premium.”
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