The market’s leading stablecoin Tether (USDT) unexpectedly slipped from the $1 mark on the afternoon of 10/11.
According to data from CoinMarketCap, the USDT/USD exchange rate aggregated on exchanges this afternoon has at one point fallen to $0.9941 – a deviation of 0.59% from the $1 threshold it must maintain.
This is the first time since the week of the LUNA-UST collapse that USDT has depeged so deeply, even more severely.
On Binance, the BUSD/USDT exchange rate has also jumped to 1.009, the highest level in the second half of 2022.
![USDT stablecoin loses deepest $1 peg since LUNA-UST incident 2 101120221847041668080824717 The Ecoinomic](https://ecoinomic.io/wp-content/uploads/2022/11/101120221847041668080824717.jpeg)
On Twitter, many sources are circulating that Alameda Research is “dipping” in depeg when it records a transaction to Borrow USDT to sell.
Alameda research is opening shorts on USDT. https://t.co/J3wzpOZ4G4pic.twitter.com/sAdl0OK1SM
— mhonkasalo (@mhonkasalo) November 10, 2022
so alameda is trying to short $usdt?
>supply USDC on aave >borrow USDT on aave >swap USDT to USDC on curve dafuq man… https://t.co/F3tQvDMfF8 — astromagic (Trust_No_One) (@astro__magic) November 10, 2022
>>> See also: Tether Freezes 46 Million USDT On FTX-Owned Tron