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Tether and Cryptocurrency
For most of its history, tether has been able to maintain the one-to-one peg with the dollar as another selling point for people in the crypto ecosystem. What would cause it to break would be something that makes that no longer true, where people are trying to extract that value and are not receiving it in turn. It's a little bit less clear to me why we don't see tether expand and contract in quite the way we expect. We've seen more redemptions now than we have historically, but still generally tether tends to be slower to start decreasing in market cap than the other stablecoins.