Tether Price Creeps Back to 99 Cents But Fails to Reach Dollar Parity

The tether price (USDT) is once again trading near $0.98 after failing to crack through the $1.00 threshold, prolonging the USD-pegged cryptocurrency's departure from dollar parity.

The USDT token had on Friday briefly surpassed a global average of $0.99, its highest mark since plunging below $1.00 on Oct. 15. Unable to sustain that recovery, the tether price dipped back to an average of $0.979 on early Saturday morning before recovering to a present value of $0.984.

tether price cryptocurrency
Source: CoinMarketCap

On Kraken, which allows customers to trade tether directly against physical USD, the stablecoin is priced as low as $0.97. However, this trading pair, which has seen about $2 million in volume over the past 24 hours, accounts for a minuscule portion of the token's $2.3 billion in global trading volume.

tether price Kraken
USDT/USD | Kraken | Source: TradingView

Tether also continues to trade at a moderate discount to other stablecoins, including Paxos Standard (PAX), TrueUSD (TUSD), and USD Coin (USDC). On DigiFinex, for instance, PAX is currently trading above dollar parity at $1.01, while UDST is priced at $0.982.

Per CoinMarketCap, tether currently has a market cap of just over $2 billion, representing a ~$38.5 million discount relative to its outstanding supply. That circulating supply now stands below 2.1 billion, as nearly three-quarters of a billion dollars' worth of tokens have been pulled out of circulation since the beginning of October.

Even so, USDT continues to cling to its position as the eighth-largest cryptocurrency, though it now maintains just a $50 million edge on ninth-ranked cardano.

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About the author

Josiah Wilmoth
Josiah Wilmoth

Josiah is the US Editor at CCN, where he focuses on financial markets and cryptocurrencies. He has written over 2,000 articles since joining CCN in 2014. His work has also been featured on ZeroHedge, Yahoo Finance, and Investing.com. He holds bitcoin, but does not engage in day trading. He lives in rural Virginia. Follow him on Twitter @y3llowb1ackbird or email him directly at josiah.wilmoth(at)ccn.com.