Dollar-Pegged Cryptocurrency Drops to 18-Month Low on Transparency Concerns
Tether, a cryptocurrency pegged on a one-to-one basis with the dollar, saw its price drop to an 18-month low of $0.92 Monday before recovering, according to data provider CoinMarketCap, showing that distrust in the digital token is growing.
Unlike other cryptocurrencies, which fluctuate over time and can be volatile, stablecoins are pegged to a relatively stable asset such as the U.S. dollar and are therefore seen as more reliable stores of value. A single Tether token can be redeemed for $1, according to the platform.
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