Tether trades at 1,517 won on domestic crypto exchanges

Uk Jin

Summary

It said Tether (USDT) was trading at 1,517 won on Upbit and Bithumb.
It said the rise in Tether’s price is seen as being driven by the increase in the won-dollar exchange rate.
It said another stablecoin, USDC, was also trading at 1,517 won at the same time.

Forecast Trend Report by Period

Tether (USDT), a stablecoin whose value is pegged to the US dollar (a digital asset pegged to a fiat currency), is trending higher.

As of 10:40 p.m. KST on the 27th, Tether was trading at 1,517 won on Upbit, up 8 won from the previous day. At the same time, Tether was also trading at 1,517 won on Bithumb.

Because Tether is pegged to the dollar, its price moves in tandem with the won-dollar exchange rate. The rise in Tether’s price that day is also seen as being driven by the stronger won-dollar exchange rate.

With the war involving the United States, Israel and Iran becoming protracted, the exchange rate has continued to climb. After closing above 1,500 won for the first time on the 19th, the won-dollar exchange rate has remained consistently above 1,500 won.

At the same time, another stablecoin, USDC, was also trading at 1,517 won.

USDT

USDC