{"id":61850,"date":"2022-05-23T12:14:59","date_gmt":"2022-05-23T09:14:59","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=61850"},"modified":"2025-09-05T14:35:07","modified_gmt":"2025-09-05T11:35:07","slug":"usdt-holders-have-withdrawn-10-billion-into-fiat-since-the-start-of-may","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/usdt-holders-have-withdrawn-10-billion-into-fiat-since-the-start-of-may\/","title":{"rendered":"USDT holders have withdrawn $10 billion into fiat since the start of May"},"content":{"rendered":"

Since the start of May, Tether Holdings Limited has redeemed tokens from USDT holders worth $10 billion. The Guardian<\/a> reports this.<\/p>\n

The publication notes that users turned to fiat amid the collapse of the algorithmic stablecoin UST and the LUNA token<\/a>. On May 12, the price of USDT briefly lost parity with the US dollar<\/a> \u2014 at that time the issuer redeemed assets worth $600 million<\/a>, according to Tether CTO Paolo Ardoino.<\/p>\n

The media notes that over the past few days Tether redeemed USDT totaling $2.5 billion. At the time of writing the stablecoin trades at around $0.99. The asset’s market cap stands above $73 billion, according to CoinGecko<\/a>.<\/p>\n

\"Holders
Hourly USDT\/USD chart on Coinbase. Data: TradingView.<\/figcaption><\/figure>\n

Earlier, in the first quarter of 2022, the issuer USDT reduced its reserves in commercial papers by 17%<\/a>. By the end of June, Tether Holdings Limited plans to reduce the backing for these assets by another 20%.<\/p>\n

In May, Circle, the operator of the second-largest stablecoin USD Coin, began disclosing information<\/a> about reserve status on a weekly basis.<\/p>\n

Subscribe to ForkLog news on Telegram: ForkLog Feed<\/a> \u2014 the full feed of news, ForkLog<\/a> \u2014 the most important news, infographics and opinions.<\/p>\n","protected":false},"excerpt":{"rendered":"

Since the start of May, Tether Holdings Limited has redeemed tokens from USDT holders worth $10 billion. The Guardian reports this.<\/p>\n","protected":false},"author":1,"featured_media":61851,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[807,1245],"class_list":["post-61850","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-stablecoins","tag-tether-usdt"],"aioseo_notices":[],"amp_enabled":true,"views":"25","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/61850","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=61850"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/61850\/revisions"}],"predecessor-version":[{"id":61852,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/61850\/revisions\/61852"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/61851"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=61850"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=61850"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=61850"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}