Today, USDT fell significantly, breaking through $0.952. Due to the plunge of USDT, the market has been affected by the bearishness, which has caused a sell-off. A lot of money is pouring into buying mainstream currencies such as Bitcoin. according toTokenClubinformation

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According to OdailyinformationAt present, there is a large price difference between BTC in the global exchanges, and the prices of the three major exchanges have begun to lead, even surpassing the prices of the Korean exchanges. Among the three major exchanges, the price of Huobi leads OKEx and Binance again. The BTC quotations of the world’s mainstream exchanges are as follows: Huobi is currently quoted at $7,358 (up to $7,591), OKEx is currently quoted at $7,515 (up to $8,100), Binance is currently quoted at $7,440, South Korea’s Bithumb is currently reported at $6,848, and Japan’s BitFlyer is currently quoted At $6684, Coinbase is now at $6767, and Bittrex is at $6558.

However, while USDT continued to fall today, other stablecoins rose to varying degrees. According to Coinmarketcap, TUSD is now at $1.15, up 12.65% in 24 hours; PAX is now at $1.08, up nearly 7% in 24 hours. Bibox quotes show that GUSD/USDT rose 10.49% in 24 hours, and is now at $1.13.

Reasons for the plunge of USDT, There are also rumors that the insolvency of USDT's custodian bank Noble Bank has affected Bitfinex and Tether. The bank has lost several clients, including USDT issuer Tether and cryptocurrency exchange Bitfinex, and is looking for new buyers. It also raised questions about Bitfinex's ability to repay. The bank reached an in-principle debt restructuring agreement with Bitfinex in January. But there is no direct evidence, so the veracity of this rumor has yet to be proven.

In response to today's sharp drop in USDT, Xiao Lei said that there are US dollar assets behind USDT. At present, what we can't be sure of is the proportional relationship, so the possibility of a complete collapse is not high. Although USDT is a stable currency, it has credit risk and system risk. This risk is no less than the price risk of other currencies. Therefore, although USDT will not return to zero, if there is a huge run risk and the credit mechanism is lost, the price may fall. There is a noticeable drop.A smooth mechanism has not been established for the exchange of stablecoins and fiat currencies. Therefore, once USDT has a credit crisis, investors will first convert it into digital currencies such as Bitcoin and Ethereum instead of U.S. dollars, which will lead to price fluctuations in Bitcoin and other currencies. grow rapidly.

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therefore,The "opacity" of stablecoins has also become an important reason for affecting prices.On February 8 this year, a whistleblower released recordings of executives from Tether, the USDT issuer, and Bitfinex exchange, detonating the scandal of USDT over-issuance and market manipulation. Tether, the issuer behind USDT, has been exposed to be spamming USDT, but has no equivalent USD reserves. Although there was audit verification afterwards, it was revealed that the subject and content of the audit had not yet reached the standard of formal audit.

But can a transparent stable currency bring users' trust? This still needs to be tested by the market.