Stablecoin supplies and cash reserves in question amid crypto exodus

Cointelegraph

Published May 16, 2022 11:33PM ET

Updated May 18, 2022 02:20AM ET

Cryptocurrency investors and traders have cashed out $7.7 billion from the stablecoin Tether (USDT), resulting in its market capitalization falling by 7.8% over the past seven days to $76 billion.

The amount withdrawn from the top stablecoin is nearly double the $4.1 billion it held in cash reserves at the end of 2021, according to Tether’s latest reserves report from December 2021.

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