So-called stablecoins like tether and USDC are $1 tokens in theory, but a complex arbitrage transaction seems to have netted one trader an 89% profit in just minutes.
USD Coin price
About USD Coin
USD Coin (USDC) is a stablecoin fully backed by the US dollar and developed by the CENTRE consortium. Coinbase customers with US dollar accounts may exchange 1 USDC for US$1.00 (and vice versa) on Coinbase in jurisdictions where USDC support is available. The graph above reflects USDC’s current and historical redemption value of US$1.00, which may not match the price of USDC on other exchanges. USDC is an Ethereum token and is the only fiat-backed stablecoin currently supported by Coinbase.
Bitcoin experienced heavy selling Tuesday, while traders are finding profits in stablecoin borrowing strategies.
So-called stablecoins have been tanking in bitcoin terms lately. Should we be calling them "crypto-dollars" instead?
Don’t miss out on breaking news
Get the latest headlines on your favorite cryptocurrencies.