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Tether trades at 0.993, lowest since June 2020

29 points by jmoak3 4y ago

Title. Source: https://coinmarketcap.com/currencies/tether/

paulpauper 4y ago
I think a .7% deviation over 2 years is stable. So far it's doing its job, especially compared to 30% decline for most coins over the past 24-72 hours.
- jbay808 4y ago
  Isn't it fairer to call this a .7% deviation over 12 hours?
  - Kranar 4y ago
    I don't know that fairness has much to do with anything but both statements are true. At one extreme Tether had a .7% deviation over a 20 minute period, and on the other extreme Tether had a .7% deviation over 2 years. Which objective fact is more fair depends on what you're comparing it to. That said, Tether is now back to trading at $1.00 on all the major exchanges.
    - jbay808 4y ago
      > That said, Tether is now back to trading at $1.00 on all the major exchanges. Either you're rounding up to 2 decimal places, or that's not what I'm seeing: https://ca.finance.yahoo.com/quote/USDT-USD?p=USDT-USD https://ca.finance.yahoo.com/quote/USDT-USD?p=USDT-USD
      - mikeodds 4y ago
        This link shows actual market prices and they’re not bad https://www.coingecko.com/en/coins/tether https://www.coingecko.com/en/coins/tether
        reducesuffering 4y ago
        It’s behind, Tether now 98 cents https://coinmarketcap.com/currencies/tether/ https://coinmarketcap.com/currencies/tether/
        runnerup 4y ago
        Even dropped below 95 cents for a moment.
impulser_ 4y ago
This is the exchange pricing which might trade lower or higher than a dollar due to liquidity. Idk about Tether, but you can redeem your USD from USDC through Circle and Coinbase for exactly a dollar, always. No exchange needed.
- londons_explore 4y ago
  Tether does not allow direct redemption, but rumour is they run bots on a few big exchanges to peg the price and perform effectively the same service while not having KYC and customer service costs.
  - impulser_ 4y ago
    You can actually redeem USD from Tether themselves on their website.
    - Hamuko 4y ago
      If you are interested in redeeming an amount >= $100,000.00.
      - troon-lover 4y ago
syntheticcdo 4y ago
I think more interesting is the discrepancy in pricing between Bitfinex (which sponsors Tether) and all the other fiat-off-ramp exchanges. If you go to https://coinmarketcap.com/currencies/tether/markets/ https://coinmarketcap.com/currencies/tether/markets/ and look at USDT-USD pairs only (people spending real dollars in exchange for fake dollars) then you'll see 5 exchanges where the price is no more than $0.994, while somehow at Bitfinex it's still holding $0.9999 (and was at $1.000 all day yesterday).

29 points by jmoak3 4y ago

Title. Source: https://coinmarketcap.com/currencies/tether/

I think a .7% deviation over 2 years is stable. So far it's doing its job, especially compared to 30% decline for most coins over the past 24-72 hours.

jbay808 4y ago
Isn't it fairer to call this a .7% deviation over 12 hours?
- Kranar 4y ago
  I don't know that fairness has much to do with anything but both statements are true. At one extreme Tether had a .7% deviation over a 20 minute period, and on the other extreme Tether had a .7% deviation over 2 years. Which objective fact is more fair depends on what you're comparing it to. That said, Tether is now back to trading at $1.00 on all the major exchanges.
  - jbay808 4y ago
    > That said, Tether is now back to trading at $1.00 on all the major exchanges. Either you're rounding up to 2 decimal places, or that's not what I'm seeing: https://ca.finance.yahoo.com/quote/USDT-USD?p=USDT-USD https://ca.finance.yahoo.com/quote/USDT-USD?p=USDT-USD
    - mikeodds 4y ago
      This link shows actual market prices and they’re not bad https://www.coingecko.com/en/coins/tether https://www.coingecko.com/en/coins/tether
      - reducesuffering 4y ago
        It’s behind, Tether now 98 cents https://coinmarketcap.com/currencies/tether/ https://coinmarketcap.com/currencies/tether/
        runnerup 4y ago
        Even dropped below 95 cents for a moment.

impulser_ 4y ago

This is the exchange pricing which might trade lower or higher than a dollar due to liquidity. Idk about Tether, but you can redeem your USD from USDC through Circle and Coinbase for exactly a dollar, always. No exchange needed.

londons_explore 4y ago
Tether does not allow direct redemption, but rumour is they run bots on a few big exchanges to peg the price and perform effectively the same service while not having KYC and customer service costs.
- impulser_ 4y ago
  You can actually redeem USD from Tether themselves on their website.
  - Hamuko 4y ago
    If you are interested in redeeming an amount >= $100,000.00.
    - troon-lover 4y ago

syntheticcdo 4y ago

I think more interesting is the discrepancy in pricing between Bitfinex (which sponsors Tether) and all the other fiat-off-ramp exchanges. If you go to https://coinmarketcap.com/currencies/tether/markets/ https://coinmarketcap.com/currencies/tether/markets/ and look at USDT-USD pairs only (people spending real dollars in exchange for fake dollars) then you'll see 5 exchanges where the price is no more than $0.994, while somehow at Bitfinex it's still holding $0.9999 (and was at $1.000 all day yesterday).