I was under the impression that all of the "pegged to the dollar" coins are too ... | Hacker News

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		plagiarist on Nov 6, 2023 \| parent \| context \| favorite \| on: Why banks are suddenly closing down customer accou... I was under the impression that all of the "pegged to the dollar" coins are too fragile for storing money long term. But USDT dropped down to 94 cents during the crash I was thinking of when others more thoroughly collapsed. What's the difference there?

sgjohnson on Nov 6, 2023 [–]

> But USDT dropped down to 94 cents during the crash

While that is true, they were redeeming them 1:1. So you could buy them at a 6% discount on the exchange, but redeem them, for free 6%.

Few people did because enough of them thought that USDT is going to the ground, causing the discount.

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