Some interesting Tether data...

It seems that UST shitting the bed was a wake up call for a lot of people about shady stablecoins.

We all saw a few days ago when seemingly the panic caused tether to temporarily lose its peg, at one point dropping to a terrifying 0.95.

But that's not all. If you look at some other stablecoins (at least those that are still stable) around the same time, you can see a pretty clear correlation to them all spiking during the moments that USDT was losing its peg. While this is just a correlation, and I certainly wouldn't be the one to dig through historical trading pair data to find a causal link, this could indicate people trying to convert their tethers into other stablecoins.

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What's more, is that it seems since the depeg, tethers have been burning at an unprecedented rate. Before the depeg tether's market cap peaked at ~83.2 billion, but since it has dropped to ~76.5 billion.

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A drop in the bucket for now, but historically speaking it looks a bit more drastic.

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This isn't necessarily a cause for alarm. But if people (mostly whales and exchanges) are really finally trying to get rid of their tethers, and this keeps up long enough, we'll see a 'run on the bank' kind of situation, in which Tether doesn't have enough USD for everyone trying to redeem their tokens, and the long prophesied Tether implosion finally happens.

Or I could just be panicking based on some coinmarketcap charts. We'll see how well this post ages.

What do y'all think?

EDIT: Just dropped about another billion.