Share this article
BTC
$105,782.19
-
1.28%ETH
$2,409.30
-
3.28%USDT
$1.0004
+
0.00%XRP
$2.1779
-
3.66%BNB
$646.54
-
1.65%SOL
$147.00
-
5.32%USDC
$1.0001
+
0.00%TRX
$0.2790
-
0.37%DOGE
$0.1581
-
4.28%ADA
$0.5425
-
5.46%HYPE
$37.20
-
7.04%BCH
$511.35
+
1.26%WBT
$43.91
-
0.95%SUI
$2.6837
-
3.54%LINK
$12.89
-
3.81%LEO
$8.9015
-
1.34%AVAX
$17.11
-
4.65%XLM
$0.2249
-
5.67%TON
$2.7874
-
4.45%SHIB
$0.0₄1122
-
1.85%Sign Up
- Back to menuCryptocurrencies
- Back to menuResearch
- Back to menu
- Back to menu
- Back to menu
- Back to menu
- Back to menuWebinars
Tether Dominates Curve's 3pool Liquidity With DAI, USDC Accounting for Just 15%
Tether accounts for 85% of the total liquidity in Curve's 3pool. While the stablecoin is seeing some volatility, the price remains firmly near the 1:1 U.S. dollar peg,
Decentralized exchange Curve's 3pool, perhaps one of the most important pools for stablecoins in decentralized finance, is heavily imbalanced.
- At press time, tether , the world's largest stablecoin by market value, accounted for 85% of the pool's liquidity. The other two pool components – MakerDAO's DAI and USDC – accounted for 15%.
- Tether's dominance in the pool has doubled this week.
- The renewed imbalance suggests an increased preference for DAI and USDC over tether – a phenomenon last observed after Terra's crash in May saw tether turn volatile and lose its peg.
- USDT accounted for 60% of the pool in July as the fear about tether permanently losing its 1:1 U.S. dollar peg gripped the market.
- That fear seems to have returned, with tether seeing minor volatility amid rumors that Alameda, FTX's sister concern, is swapping USDT for USDC.
- USDT briefly fell to just under 98 cents soon before press time. Historically, tether has moved in the range of 98 cents to $1.02 most of the time.
UPDATE (Nov. 11, 12:56 UTC): Updates story with latest figures.
Story continues
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
Top-Storys
