BTC PULSE
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
Play Now
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Blockchain

Curve’s Pool Imbalance Spurs USDT Depreciation Concerns: Tether’s CTO Responds

by Dan K
Jun 15, 2023 - 4:30 pm
in Blockchain
Graph representing the variation in weightage of USDT, USDC, and DAI in the Curve's 3pool on June 15.

Stablecoin Weightage Disproportion in Curve’s Pool Spurs Concerns

The Tether stablecoin slightly deviated from its United States dollar peg on June 15 due to an imbalance in Curve’s 3pool. The price of USDT fell by 0.3% to around 0.997 as its weightage in the curve 3pool increased to over 70% from the usual 33.1%.

Curve’s 3pool is a stablecoin pool for decentralized finance holding a massive amount of liquidity in the three top stablecoins: USDT, USD Coin, and Dai. A significant rise in the weightage of a particular stablecoin in the pool indicates heavy selling of that asset.

USDT Sells Heavy as Its Weightage Skyrockets

With USDT weightage at around 73.8%, traders are increasingly selling USDT for DAI or USDC. USDT concentration in Curve’s 3pool previously exceeded 50% in November 2022 at the time of the FTX collapse.

CZSamSun’s Whale Activity Shakes the Pool

The main cause of the imbalance was attributed to a whale address called CZSamSun that borrowed 31.5 million USDT and swapped it for USDC, leading to a slight deviation in USDT’s U.S. dollar peg value. With the help of 17,000 Ether and 14,000 staked Ether (stETH) as collateral, the address converted the borrowed sum into USDC using the 1inch Network.

The borrower then made deposits to Aave v2 and v3 totaling $10 million and $21 million, respectively. The borrower then took out a USDT loan of 12 million from v3 and deposited it into v2.

Tether’s CTO Dismisses Concerns Amid Market Jitters

Tether’s chief technology officer Paolo Ardoino took to Twitter to assure the crypto community that the depeg scare is nothing to worry about and it is ready to redeem any amount. Later, Ardoino also shared a “FUD meme” and addressed the market rumors around Tether’s depeg.

A Brief Look at the Recent USDC Depreciation Panic

The latest stablecoin depeg scare comes just a couple of months after the USDC depeg that caused havoc on many investors’ portfolios. USDC depegged below $0.90 in March as Circle confirmed it had over $3 billion stuck with Silicon Valley Bank. Although Circle managed to gather enough capital to repeg USDC to the dollar within two days, the panic triggered by the depegging led to many traders exiting USDC at a loss.

Tags: BlockchainDeFiStablecoinTether
Dan K

Dan K

Dan K, the chief editor, is a visionary wordsmith, shaping narratives with finesse. His discerning eye for detail creates literary masterpieces.

Related Posts

AgriFORCE's Bitcoin mining site in Alberta powered by stranded natural gas

AgriFORCE Powers 120 Bitcoin Mining Rigs With Stranded Natural Gas in Alberta

June 19, 2025

AgriFORCE powers 120 Bitcoin miners with stranded gas in Alberta, eyes two more sites. It may keep 50%...

blockchain

Gemini Accuses CFTC of Misconduct, Calls Seven-Year Probe Baseless

June 18, 2025

Gemini calls CFTC’s seven-year probe baseless, citing false claims and personal agendas in a formal misconduct complaint to...

Former Celsius CEO Alex Mashinsky exits court after sentencing

Judge Bars Alex Mashinsky From Claiming Celsius Bankruptcy Funds

June 17, 2025

A court ruled Alex Mashinsky and affiliates won’t get Celsius bankruptcy proceeds, clearing the way for creditor repayments...

X suspends crypto platform Pump.fun and its founder Alon Cohen amid wider crackdown

Pump.fun and Founder Suspended in X Crackdown on Crypto Accounts

June 17, 2025

Pump.fun and co-founder Alon Cohen were suspended on X in a crackdown affecting over 20 crypto accounts. X...

Press Releases

image2

Could XYZVerse Overtake DOGE and SHIB? Analysts Say $0.003333 Could Explode to $10!

March 30, 2025

XYZVerse aims to outpace DOGE and SHIB, with bold $10 price goals, strong community rewards, and rising demand as it...

image1 1

Massive Institutional BTC Buys Could Launch the Next Bull Market: 5 Altcoins to Watch

March 29, 2025

Institutional Bitcoin buys may trigger a market surge. Five altcoins, including $XYZ, stand to gain—early investors could see major ROI...

image1

XRP Faces Strong Resistance While XYZVerse Gains Early Investor Attention With 10 Billion $XYZ Airdrop

March 28, 2025

XRP struggles at resistance, while XYZVerse grabs early investor attention with a 10B token airdrop and rapid growth toward a...

BTC

Popular Memecoin MEW Pledges $10,000 to Pasadena Humane Organization to Aid Animals Affected by California Wildfires

January 20, 2025

MEW memecoin donates $10K to Pasadena Humane for wildfire-affected animals. Join the mission to aid pets and wildlife in crisis...

View All
BTC-Pulse LogoTransparent

© 2024 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

©2024 BTC-PULSE – All right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise