Fears of contagion among already falling cryptocurrencies if tether follows terra into collapse
Tether, the largest “stablecoin” and a foundational part of the cryptocurrency ecosystem, is at risk of a bank run after breaking its peg to the dollar amid the sector’s worst crash in years.
The cryptocurrency traded at less than $0.98 (82p) for the first time in two years on Thursday morning, prompting its chief technology officer, Paolo Ardoino, to tweet reassurances to investors that it was still capable of honouring withdrawals at par.
