Hong Kong-issued tether is the latest cryptocurrency to suffer losses, as investors pulled $7bn of investment, according to a Financial Times report.
It followed the destabilisation of TerraUSD, the stablecoin which fell from $118 to $0 last week. Tether, which can be hosted on the Ethereum and Bitcoin blockchains, among others, briefly lost its one-to-one US dollar peg last week, and saw its market value fall by 9% since May 12, to $76bn, as tokens were removed from circulation to appease investors, according to CryptoCompare data. Tether traded at 95 cents last Thursday (12 May), below the $1 level it aims to maintain, triggering unrest across broader digital asset markets. In a speech given on Monday (16 May), executive board...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
