Bitcoin
Bitcoin (BTC)
$58,134.00 1.27611
Bitcoin price
Ethereum
Ethereum (ETH)
$3,138.82 1.4197
Ethereum price
BNB
BNB (BNB)
$536.10 2.61249
BNB price
Solana
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$139.34 1.88945
Solana price
XRP
XRP (XRP)
$0.5053140 10.22029
XRP price
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$0.0000171 5.60801
Shiba Inu price
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$0.0000089 2.37775
Pepe price
Bonk
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$0.0000228 -0.81209
Bonk price
Bitcoin
Bitcoin (BTC)
$58,134.00 1.27611
Bitcoin price
Ethereum
Ethereum (ETH)
$3,138.82 1.4197
Ethereum price
BNB
BNB (BNB)
$536.10 2.61249
BNB price
Solana
Solana (SOL)
$139.34 1.88945
Solana price
XRP
XRP (XRP)
$0.5053140 10.22029
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000171 5.60801
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000089 2.37775
Pepe price
Bonk
Bonk (BONK)
$0.0000228 -0.81209
Bonk price
Bitcoin
Bitcoin (BTC)
$58,134.00 1.27611
Bitcoin price
Ethereum
Ethereum (ETH)
$3,138.82 1.4197
Ethereum price
BNB
BNB (BNB)
$536.10 2.61249
BNB price
Solana
Solana (SOL)
$139.34 1.88945
Solana price
XRP
XRP (XRP)
$0.5053140 10.22029
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000171 5.60801
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000089 2.37775
Pepe price
Bonk
Bonk (BONK)
$0.0000228 -0.81209
Bonk price
Bitcoin
Bitcoin (BTC)
$58,134.00 1.27611
Bitcoin price
Ethereum
Ethereum (ETH)
$3,138.82 1.4197
Ethereum price
BNB
BNB (BNB)
$536.10 2.61249
BNB price
Solana
Solana (SOL)
$139.34 1.88945
Solana price
XRP
XRP (XRP)
$0.5053140 10.22029
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000171 5.60801
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000089 2.37775
Pepe price
Bonk
Bonk (BONK)
$0.0000228 -0.81209
Bonk price

Kaiko: USDT has been depegging throughout August

kaiko-usdt-has-been-depegging-throughout-august
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Kaiko: USDT has been depegging throughout August

Kaiko, a crypto analytics platform, claims that the largest stablecoin by market cap, USDT, has been depegging in August.

A stablecoin depegs when it trades below the fiat currency or asset it’s meant to mirror.

Kaiko data shows that on Aug. 7 at 8 am UTC, USDT hit a 98% depeg severity, meaning that stablecoin traded at a discount on almost every platform.

However, the depeg didn’t receive much attention since it wasn’t as significant or dramatic as previous events.

Kaiko: USDT has been depegging throughout August - 1
USDT Depeg Severity in August 2023 | Source: Kaiko Depeg Data

Kaiko says the depeg in August follows rapid net selling of USDT worth $500 million across Binance, Huobi, and Uniswap within a few days.

Historically, recurring USDT depegging has been attributed to several factors like the redemption fee, lowered liquidity, and minimum requirements set by Tether Holdings, the issuer.

However, Kaiko highlights that continual discounts could erode the trust in the world’s largest stablecoin.

Kaiko suggests that resolving the depeg concerns could be achieved by removing the redemption fee, leading to lower costs and a reduction in the stablecoin’s supply.

Despite reporting $850 million in Q2 2023, the analyst asserts that this change wouldn’t notably impact profits.

Kaiko’s report is a few months after USDT slightly and briefly depegged in June, dropping to $0.997.