USDT Depeg? or FUD?
USDT took a nosedive, trading 0.4% under its dollar peg and sparking fears in the crypto markets!
Curve and Uniswap's liquidity pools were flooded with USDT sellers yesterday, leading USDT to dip below its usual $1 parity. Curve's 3Pool or Tri-pool was thrown off balance, with USDT rising to constitute over 70% of the pool!
The DEX's CRV token has also witnessed a 24% weekly decline. BUT THERE’S MORE. Because just last month, the founder of Curve bought two lavish mansions in Australia worth $40m and his large CRV position on Aave has raised concerns
The last time we saw whales dumping USDT was after the FTX collapse in 2022. Luckily though, the worst of it seems to be behind us, as USDT's overbearing presence in Curve's 3Pool only saw it slide to $0.99578 before recovering slightly.
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