Investors withdrew $10 billion from USDT
The issuing company of Tether, the largest stablecoin by market capitalization, has paid out $10 billion to investors since the beginning of May.
More than $1 billion was withdrawn from USDT on May 21st. Investors cashed out more than $1.5 billion between May 18 and May 20. Investors transfer most of the funds to USDC, which promises to publish reports on a weekly basis.
The mass transfer of funds from USDT is associated with a temporary deviation of the stablecoin from USD. Investors are also frightened by Tether’s vague reporting on USDT stablecoin backing.