I mean, it’s right there in the name.
The largest so-called stablecoin by market cap, Tether (USDT), is supposedly pegged to the U.S. dollar and always worth $1. However, if there’s one thing we know for sure about the world of cryptocurrency, it’s that things don’t always go according to plan — a fact emphasized by Tether’s sudden plunge in value over the last 24 hours.
The stablecoin briefly traded below $.87 on the exchange Bittrex before climbing back up to the still-abysmal price of $.915 at the time of this writing.
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