Tether Sees New Wave of Redemptions as Fear of Market Contagion Spreads

“Confidence in cryptos remains depressed and some traders are worried that Tether could suffer a similar fate as Terra’s UST stablecoin,” Edward Moya, senior market analyst at Oanda, said. “Too many institutional crypto investors are down massively, and they are worried that if this part of the crypto ecosystem collapses, Tether will crash.”