USDT reached a low yesterday of $0.92
It should be noted that Bitfinex's USDT/USD market is artificial and USDT there are always redeemed 1:1 by Bitfinex. Kraken was wise to not do the same and instead treat USDT as a free floating asset, leaving counter party risk with its traders.
The discount can be attributed to the current lapse in banking being experienced by Bitfinex (and Tether.to). Users cannot get USD in or out, and because of the counter party risk and expected funding delays.
If you don't mind holding for a while and you think that Bitfinex/Tether can pull their way out of their present banking issues, there's money to be made by taking a long position on USDT now.
It should be noted that Bitfinex's USDT/USD market is artificial and USDT there are always redeemed 1:1 by Bitfinex. Kraken was wise to not do the same and instead treat USDT as a free floating asset, leaving counter party risk with its traders.
The discount can be attributed to the current lapse in banking being experienced by Bitfinex (and Tether.to). Users cannot get USD in or out, and because of the counter party risk and expected funding delays.
If you don't mind holding for a while and you think that Bitfinex/Tether can pull their way out of their present banking issues, there's money to be made by taking a long position on USDT now.
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