Stablecoins are trading at a premium of 2.5% against Tether following the lawsuit

Tether • April 26, 2019, 3:03AM EDT
UPDATED: April 26, 2019, 3:06AM EDT
The Block

Around 8pm UTC non-Tether stablecoin pairs saw a sudden uptick in price, which led to Paxos, TrueUSD, USDC and StableUSD to trade at as much as 4% premium. The spike happened right after the news about New York State Attorney General (NYSAG) suing Bitfinex and the affiliated firm Tether came out. NYSAG claims that $850 million is still inaccessible to Bitfinex and that the firm has failed to publicly disclose the loss of funds.

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Tether posted an official response claiming that both Bitfinex and Tether are "financially strong" and that the "court filings were written in bad faith and are riddled with false assertions." Moreover, Tether said that the amounts "are not lost but have been, in fact, seized and safeguarded." At press time, PAX/USDT, TUSD/USDT, USDC/USDT and USDS/USDT is trading at at an average premium of 2.49%.

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Larry joined crypto research full time in early 2017 and has expertise in capital markets, market structure and early stage DeFi companies/protocols and token economics. He has a background in economics and finance.

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