ToplineThe price of Tether, the world’s biggest stablecoin and a cornerstone of the cryptocurrency ecosystem, slipped away from its $1 peg on Thursday, intensifying worries amid a market-wide crash and plummeting cryptocurrency prices. The drop, around 6% below its $1 peg, comes amid a major cryptocurrency crash that has erased hundreds of billions from the market after another stablecoin, TerraUSD, completely slipped its $1 peg. With a market capitalization of more than $80 billion, Tether is by far the world’s biggest stablecoin and the third-largest cryptocurrency overall. Global regulators, including in the U.S., have identified stablecoins as an area of the cryptocurrency market in need of rules and guidance. Further ReadingLuna Nosedives Under $2, Loses 98% Of Its Value As TerraUSD Struggles To Regain Its Dollar Peg (Forbes)Executives At Tether, World’s Third Largest Cryptocurrency, Reportedly Face Criminal Probe For Misleading Banks (Forbes)There are 99 problems and Tether ain’t $1 (FT)

Source: Forbes May 12, 2022 23:35 UTC