Kaiko analysts have noted a slight yet consistent deviation of the USDT exchange rate from the US dollar in August, a cause for concern.
While other stablecoins such as TUSD, BUSD, DAI, and USDC also had episodes of depeg throughout the year, their deviations were less dramatic, and overall prices were more stable.
Notably, USDT suffered the most on August 7 when the discount reached 2% on most trading platforms, a situation linked to reports of token sales totaling ~$500 million.
The analysts concluded that in order to preserve the coin’s peg, Tether should drop its redemption fees and minimum requirements, which would not greatly impact its financial performance, though the company is likely afraid of token supply being reduced.
Despite this, Tether reported $850 million in net income for the second quarter, and it holds $72.5 billion in US Treasury securities.