According to the data provided by the Omni Explorer, Tether Limited, the issue of the USDT stablecoin, has exercised the redemption of 100 million USDT tokens, shortening the outstanding supply of the currency to approximately 1.8 billion.
From early October, Tether has withdrawn a mind-blowing amount of 990 million coins, which accounts for over twice the 452 million tokens in circulation in the same period a year ago. Together with the fact that the stablecoin is now trading at a discount to its supposed 1.00 USD price, the market capitalization of the dollar-pegged currency has decreased by over 1 billion US dollars in October, and over 37% from its all-time high.
This Wednesday, USDT, the currency that for a long time held its eighth position by the amount of market capitalization, has given the way to ADA, due to its price drop below the 0.99 USD. Currently tether is hardly leading in front of the XMR currency, and is about to slip to the tenth place.
In the meantime, the contenders of the USDT stablecoin, namely TUSD, USDC, and PAX all keep fastly growing, while tether is losing its USD peg. Altogether, the market capitalization of all three competitor stablecoins currently surpasses 400 million US dollars, and even though it still does not account for the 1 billion dollars’ worth of USDT outflows, it does give you the idea that cryptotraders consider these “regulated” stablecoins more trustworthy than tether, whose issuing company has encountered a lot of criticism for its operations, which are far from transparency, and the lack of clarity of association with the Bitfinex cryptoexchange.