While stablecoins generally have much less volatility than traditional cryptocurrencies, they can also suffer violent moments. The world’s largest stablecoin Tether (USDT) recently went into a volatile state on the Indian crypto exchanges. This is primarily due to the renewed uncertainty around the situation of cryptos in the country.
Tether (USDT) came into being to help mitigate the volatility associated with digital assets. 1 USDT is worth $1 or 74.57 rupees as per the current dollar-rupee rate.
However, Tether (USDT) crashed on prominent Indian crypto platforms and dived to as low as ₹60. This move happened after the lower house of the Indian Parliament said that they’ll bring the crypto bill into a discussion on November 29. The crypto bill or the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 will be tabled in Parliament’s winter session.
Tether Crashes in Indian crypto exchanges
World’s largest stablecoin Tether (USDT) recently went into a volatile state on the Indian crypto exchanges
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