Tether (USDT) fell to $0.97 cents in the Asian session, losing its peg to the dollar.
On the Coinbase exchange, USDT fell to $0.96 cents.
Tether CEO Paolo Ardoino said the company has enough reserves to buy back assets at a 1:1 ratio to the dollar.
“Over $300 million has been redeemed in the last 24 hours without a single drop of sweat,” he said.