Decentralized exchange Curve's 3pool, perhaps one of the most important pools for stablecoins in decentralized finance, is heavily imbalanced.
- At press time, tether (USDT), 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.
- 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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.