World’s biggest stablecoin regains dollar peg after $3 billion in withdrawals

  • Tether — which is meant to always be worth a dollar — sunk as low as 95 cents Thursday.
  • By Friday, it was trading firmly at $1 again.
  • The company behind the token says it was able to process more than $3 billion in withdrawals “pretty quickly.”
  • The collapse of another so-called stablecoin called terraUSD had shaken crypto investors’ confidence in tether.

Tether, the world’s largest stablecoin, regained its peg to the dollar after more than $3 billion worth of tokens left the system in a single day.

The cryptocurrency — which is meant to always be worth $1 — sunk as low as 95 cents on Thursday and struggled to climb back to its intended dollar peg.

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