The tether price (USDT) is once again trading near $0.98 after failing to crack through the $1.00 threshold, prolonging the USD-pegged cryptocurrency’s departure from dollar parity.
The USDT token had on Friday briefly surpassed a global average of $0.99, its highest mark since plunging below $1.00 on Oct. 15. Unable to sustain that recovery, the tether price dipped back to an average of $0.979 on early Saturday morning before recovering to a present value of $0.984.
On Kraken, which allows customers to trade tether directly against physical USD, the stablecoin is priced as low as $0.97. However, this trading pair, which has seen about $2 million in volume over the past 24 hours, accounts for a minuscule portion of the token’s $2.3 billion in global trading volume.
Tether also continues to trade at a moderate discount to other stablecoins, including Paxos Standard (PAX), TrueUSD (TUSD), and USD Coin (USDC). On DigiFinex, for instance, PAX is currently trading above dollar parity at $1.01, while UDST is priced at $0.982.
Per CoinMarketCap, tether currently has a market cap of just over $2 billion, representing a ~$38.5 million discount relative to its outstanding supply. That circulating supply now stands below 2.1 billion, as nearly three-quarters of a billion dollars’ worth of tokens have been pulled out of circulation since the beginning of October.
Even so, USDT continues to cling to its position as the eighth-largest cryptocurrency, though it now maintains just a $50 million edge on ninth-ranked cardano.