29 February, 2024

Paolo Ardoino Claims USDT Did Not Depeg; CoinGecko Glitched

1 year ago

22 Nov, 2023

Paolo Ardoino, creator and chief technology officer of Tether (USDT), has taken to Twitter to dispel concerns that the most widely used stablecoin in the world has been impacted by the recent failure of FTX. 

According to him, USDT did not depeg and the market aggregate CoinGecko was experiencing a glitch. Ardoino said, “Seeing a price discrepancy of USDt on coingecko. While USDt trades close to parity (+-10bps), coingecko reports 3% from parity. Looks like a glitch to me.”

This comes after a well-known Chinese blockchain reporter by the name of Colin Wu made a request to the CTO to reveal more information regarding their financial links with FTX and Alameda. He wanted the cryptocurrency community to be aware of any potential dangers.

There are now a lot of speculations going around concerning probable spillover effects, which is going on as there is a lot of chaos happening with FTX and the Binance acquisition.

Ardoino started his explanation by stating that Alameda had already issued and redeemed a large number of USDT in response to the demand from Tether users. However, according to the CEO of Tether, there has not been any credit exposure that has matured. 

At the same time, Ardoino responded to criticism leveled against USDT by stating that it would seem that the media has become solely preoccupied with constructing heroes and selecting white knights over the course of the last five years. It came out that tether was always completely collateralized and was operating their business in a very efficient manner. The media need to take this lesson to heart as well.


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