USDT Under Pressure as Chinese Investors Shift Focus to Stocks
USDT, the largest stablecoin, has been trading below its $1 peg since September 30. As Chinese investors shift from crypto to the stock market following a major stimulus package announcement.
The stablecoin’s depeg is linked to large outflows from China, where investors are cashing out USDT despite paying 3% to 5% fees. In anticipation of significant stock market gains. The stimulus, which includes $28 billion in project funding and reduced bank reserve requirements, has triggered a stock market rally. Pushing USDT under downward pressure as Chinese investors flock to equities.
Clever Robot News Desk 12th October 2024
