Tether (USDT) Shrinks To 17 Months Low in Smart Contracts Supply
Many YouTubers say Tether is a “ticking bomb” for crypto and forecast that it is the next stablecoin to be hit in pegging issues. This year we saw Terra UST and Tron USDD going de-pegged to USD and the fear index was read for three months straight. USDT has been the main core for crypto exchanges. Today its opponent USDC is taking up its place to handle major contracts that are fully dependent on stablecoins.
Six hours ago GlassNode tweeted Tether went back to 13.101% low in smart contracts supply.
📉 $USDT Percent Supply in Smart Contracts just reached a 17-month low of 13.101%
Previous 17-month low of 13.104% was observed on 09 September 2022
View metric:https://t.co/FXRb7320Dc pic.twitter.com/X7sHzRIyDF
— glassnode alerts (@glassnodealerts) September 11, 2022
This data indicates that USDT is being offered less to maintain its pegging to the US dollar. If supply grew it probably would have a devaluation effect as it happened to its hit counterparts.
