USDT Imbalance on Curve Sees Abnormal Inflows Hit Highest Level Since FTX Collapse

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Millions of stablecoins (USDT) appeared to be selling on popular pools Uniswap and Curve on Thursday morning, prompting the first signs of concern among traders.

USDT balances on Curves, popular 3pool, a stablecoin exchange pool comprised of USDT, USDC, and DAI, hit over 72% early Thursday, suggesting traders had traded tens of millions of USDT in favor of USD coin (USDC) and dai (DAI) stablecoins.

Curves 3pool now holds over $300 million in USDT and nearly $55 million each in dai and usdc.

The imbalance suggests an increased preference for DAI and USDC over tether. Such sentiment was already seen during the Terras implosion last May and the collapse of crypto exchange FTX in November, as CoinDesk previously reported.

Tether CTO Paolo Arduino suggested in a tweet that some traders may be looking to take advantage of general sentiment in the broader crypto markets, which has been falling over the past 24 hours.

Markets are pissed off these days, so it’s easy for attackers to capitalize on that general sentiment, Arduino said. But at Tether, we are ready as always. Let them come. We are ready to redeem any amount.

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