USDT-to-hryvnia pairs were priced as high as $1.12 as Russia declared war on Ukraine.
Tether’s USDT stablecoin is trading at a premium in markets and trading pairs involving the hryvnia (UAH).
On Kuna, a popular Ukrainian exchange, USDT/UAH was priced as high as 33.4 UAH, equivalent to $1.12.
Similar premiums were also seen on Binance and Exmo.
Tether’s USDT stablecoin reached prices well above $1.00 today on exchanges handling the Ukrainian hryvnia (UAH).
USDT Surpasses $1.10 Price PegOn the prominent Ukrainian exchange Kuna, the USDT/UAH pair was priced at 33.38 UAH, equivalent to $1.12. Since then, prices for the same trading pair have fallen to 32.03 UAH ($1.07).
Via TradingView on Kuna.ioSimilar premiums can also be seen on Binance and Exmo, where USDT/UAH pairs are currently priced around 32.00 UAH ($1.07).
Those prices only apply to USD in the USDT/UAH pair. However, a lesser premium applies to other trading pairs: Kuna’s USDT/USD pair is priced at $1.03, close to the stablecoin’s $1.00 baseline.
The premium does not apply to pairs featuring the Russian rouble (USDT/RUB) or USDCoin (USDT/USDC), both of which are close to $1.00. Kuna has 42 pairs featuring USDT in total.
These premiums are limited to Ukrainian markets. On U.S. exchanges, USDT pairs are very close to $1.00, as intended.
Russia Declares War on UkraineToday’s price premiums were seen alongside Russia’s invasion of Ukraine.
According to recent interviews with Kuna by CoinDesk, tensions have devalued the Ukrainian hryvnia over the past week. Kuna representatives suggest that there is a limited supply of Tether’s USDT stablecoin in the country as well. Both of those factors appear to have led to the price premiums seen today.
Despite Kuna’s prominence within Ukraine, Kuna is a fairly small exchange. The 24-hour trading volume of the exchange is just $4.8 million, whereas leading U.S. exchanges handle billions of dollars per day. Kuna has just 400,000 active accounts.
Conflicts between Russia and Ukraine have also resulted in more general economic restrictions. Ukraine has enacted a ban on the issuance of digital cash to prevent outflows. Meanwhile, various countries have imposed sanctions on Russia.
Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and other cryptocurrencies.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Earning High Yields Without the Complexity of DeFi? Welcome to Hodlnau…
One of the most popular trends in cryptocurrencies dates back to ancient times: lending money to earn interest. In the traditional banking system, people store their funds and they get…
Crypto Market in Freefall as Russia Invades Ukraine
Over $200 billion in value has been wiped out of the crypto market after Russia launched a full-blown military attack on Ukraine earlier this morning. The two biggest cryptocurrencies, Bitcoin…
Layer 1 Coins Bounce Back From Russia-Ukraine Dip
The crypto market is up 5.1% today as investors appear to be shaking off fears of a potential Russia-Ukraine conflict. Layer 1 coins have led the recovery, with Kadena, Terra,…
Ukraine Passes Vote on Bill to Legalize Bitcoin
Feb. 17, 2022
The Ukrainian parliament has voted in favor of a bill granting legal status to Bitcoin and other cryptocurrencies. Ukraine Makes Crypto Legal Ukraine is the latest country to adopt a…
Leave a Reply