The world's largest crypto exchange Binance suspended Tether (USDT) withdrawals on Monday morning during a "period of increased activity."
Since that moment, the functionality of the exchange has been restored, users can again deposit and withdraw USDT. According to the English-language support team of the Telegram channel, this delay was caused by “USDT system overload.”
Previous messages left by the support team stated that “maintenance is ongoing due to system overload. The expected time to restore all functions is not yet known. We are trying to fix problems as soon as possible.”
Binance has denied persistent rumors about the impending delisting of USDT, and its founder Changpeng Zhao on Monday in his Twitter called them “fabricated fakes news.”
Zhao told Coindesk reporters:
At the moment, I have no official comment on this matter, however, we will publicly announce any changes as soon as we make a decision.
According to Coindesk, the price of USDT has fallen to $0.925. This figure contradicts the statement on the website, which states that “the USDT coin is always equivalent to one dollar.” And this is perhaps the most important point in the situation with the “stable” Tether token.
It is noteworthy that Binance is the largest holder of USDT tokens. According to Tether.to, the company has more than 768.5 million coins in its reserves. In second place is, in fact, the issuer itself - the Tether company: it has 486.7 million tokens on its account.
According to coindesk.com
You May Also Like
Tether Market Cap Falls
Tether (USDT), the world's best-known stablecoin, broke its peg against the dollar in reverse, falling to an 18-month low and halving trading volumes.
Will stablecoins be able to displace other coins?
Stablecoins have an equal share of critics and enthusiasts. The former believe that these tokens contradict the very idea of cryptocurrencies, while the latter value their low volatility. Over the course of the year, stablecoins have become quite popular as they minimize the risks of investing in cryptocurrencies.
