Tether Takes Victory Lap After Stablecoin Regains Peg
- Tether’s Paolo Ardoino said redemptions included $600 million
- ‘Actually the peg was not broken,” Ardoino said during Spaces
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Amidst worries that Tether, the world’s biggest stablecoin, was losing its 1-to-1 peg to the dollar, Paolo Ardoino stepped in to reassure investors. Tether’s chief technology officer emphasized that the private company behind the coin that plays a critical role in the crypto ecosystem had no problem with redemptions, including even a $600-million repayment in the last 24 hours.
“Actually the peg was not broken,” Ardoino said on Twitter Spaces Thursday. “It would have been broken if Tether didn’t honor redemption at $1.” Ardoino spoke for an hour together with crypto pioneers Samson Mow, chief executive office of Jan3, and Adam Back, CEO of Blockstream.