Tether stablecoin (USDT) has tanked in value to an 18-month low. USDT/USD exchange rate dropped sharply to to $0.925284 — the lowest level since April 27, 2017.
Whatever the reason for the drop, it seems safe to say that traders have likely rotated money out of USDT and into bitcoin and other stablecoins.
According to media reports, Puerto Rico’s Noble Bank International, which is known for reportedly opening accounts for USD-backed token Tether and crypto exchange Bitfinex, was left without funding. Then there were suspicions that the token team was in financial difficulty.