In recent days, many friends have been asking me about the USDT de-anchoring. I am also looking for the source, but there is no clear clue yet. I have read the content posted by ADAM, and it remains to be verified whether it is true or not. Moreover, the reason for the decline in the value of USDT to USDC cannot be directly concluded from his data. After all, the possibility of a decrease in USDT stocks in Huobi does not rule out the reason for user withdrawals. In fact, we can see from CMC that the exchange price of USDC remains at 1USD, which is no problem at all, while the exchange price of USDT has dropped to 0.9983USD. This represents a problem with the exchange rate between USDT and USD. However, we can see from Tether’s financial report It can be seen that USDT is still in an over-collateralized state, and there is no problem with the stability of USDT.
So the main reason for the sliding exchange rate must be the massive selling of USDT. Judging from Binance’s USDT data on the entire network, there has been no large-scale selling. On the contrary, there has been an upward trend in the past year, and we also said before Well, the total market value of FDUSD newly supported by Binance does not exceed US$300 million, so the possibility of Binance selling USDT in exchange for FDUSD causing the USDT exchange rate to fall is too low. It is also true that the USDT stock in Huobi that ADAM focused on has dropped significantly. From the highest USDT stock of more than 600 million U.S. dollars in June to only about 64 million U.S. dollars today, Huobi’s USDT stock has shrunk by nearly 90%. Of course, I probably tracked it down. After a while, I couldn't find out clearly where the 90% of the funds that left the market went. The main reason was that the USDT address of TRC20 could not be found in the USDT inventory.
And even if the USDT sold by Huobi really hits the exchange rate, the amount of funds of less than 600 million will not skew the USDT exchange rate at all. The last time Tether was FUD, it processed more than 10 billion US dollars in USDT redemptions in a week. Well, the exchange rate has not had such a high skew for so long, especially now that the exchange rate skew is continuing to rise, and the total market value of USDT is also continuing to rise, which is a bit strange. The only thing that can be certain is that Tether is currently There was no thunderstorm, OTC merchants still had no problems with USDT's acceptance, and there was no run on USDT's acceptance of USD. Therefore, there is no problem with the stability of USDT.
So for friends, it’s better to be rational, and you need to weigh the assets in your hands. It’s okay to exchange them for USDC if you feel there is a risk, but in fact, I think Circle’s short-term acceptance pressure will be greater, after all, every Wednesday The continued reduction of US$500 million (USDC) is a greater test of liquidity than the weekly increase of tens of millions of US dollars (USDT).
