Tether Dominates Curve's 3pool Liquidity With DAI, USDC Accounting for Just 20%

Decentralized exchange Curve's 3pool, perhaps one of the most important pools for stablecoins in decentralized finance, is heavily imbalanced.

• At press time, tether (USDT), the world's largest stablecoin by market value, accounted for 80% of the pool's liquidity. The other two pool components – MAkerDAO's DAI and USDC – accounted for 20%.
• Tether's dominance in the pool has doubled this week.
• The renewed imbalance suggests an increased preference for DAI and USDC over tether – a phenomenon last observed after Terra's crash in May saw tether turn volatile and lose its peg.
• USDT accounted for 60% of the pool in July as the fear about tether permanently losing its 1:1 U.S. dollar peg gripped the market.
• That fear seems to have returned, with tether seeing minor volatility amid rumors that Alameda, FTX's sister concern, is swapping USDT for USDC.
• USDT briefly fell to $0.975 soon before press time. Historically, tether has moved in the $0.98 to $1.02 range most of the time.