Kaiko: USDT has been depegging throughout August
Kaiko, a crypto analytics platform, claims that the largest stablecoin by market cap, USDT, has been depegging in August. A stablecoin depeg s when it trades below the fiat currency or asset it’s meant to mirror. USDT has been depeg ging all month. Why hasn't anyone noticed? In this week's Deep Dive we propose a novel method of rating stablecoin depeg s, check it out below ️https://t.co/o8LuiTMSqW — Kaiko (@KaikoData) August 31, 2023 Kaiko data shows that on Aug. 7 at 8 am UTC, USDT hit a 98% depeg severity, meaning that stablecoin traded at a discount on almost every platform. However, the depeg didn’t receive much attention since it wasn’t as significant or dramatic as previous events. USDT Depeg Severity in August 2023 | Source: Kaiko Depeg Data Kaiko says the depeg in August follows rapid net selling of USDT worth $500 million across Binance, Huobi, and Uniswap within a few days. Historically, recurring USDT depeg ging has been attributed ...