In the event that the USDT stablecoin is indeed supported by and is exchangeable for fiat US dollars, which are allegedly kept in the bank accounts controlled by the firm, then Tether should be able to withstand this period of atypical fluctuations before the arbitrage becomes able to restore its dollar peg. If that is not the case, then the cryptocommunity might become a witness of the unravelling process for the coin that records the second largest amount of daily trading volume after Bitcoin.
Now, the second biggest cryptoexchange on the globe, OKEx, is enlisting four rivals of Tether, including the latest introductions from Gemini and Circle.
Starting from yesterday, OKEx customers can start making their deposits in GUSD, PAX, USDC, and TUSD on their accounts. Today, at 14:00 HKT, every dollar-pegged digital currency will commence trading against BTC and USDT, with withdrawals available three hours later.
As previously reported, Tether has lost its peg yesterday, and kept failing to return the parity with the US dollar in spite of the many chances for merchants to benefit from the Tether arbitrage.
Tether has traded as low as 0.85 USD on the American cryptoexchange Kraken, continuing trading at 0.07 USD discount to its original price at the time of writing. With more and more emerging opportunities for financiers to engage in direct trading of USDT against its other competitors, the cryptomarket will finally become able to find out if tether truly is the reliable it is claimed to be.
PAX and TUSD have already managed to reach daily trading volumes of 11 million USD and 27 million USD respectively on Binance, with each stablecoin trading at a premium of 8% to Tether or higher.