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Against the backdrop of an ongoing Russian invasion, the price of Tether’s\u00a0USDT\u00a0stablecoin soared to as high as 36.97 Ukrainian hryvnia (UAH) on Ukraine’s Kuna exchange on Thursday. The total trading volume of all cryptos on the exchange amounted to about $4.4 million in the past 24 hours.<\/p>\n
During the same period, mid-market rates from foreign exchange data provider XE\u00a0indicated\u00a0that the UAH currency had only surged to a maximum of 29.89 per U.S. dollar. In other words,\u00a0the conversion rate for USDT was much higher than typical UAH\/U.S. dollar transactions. <\/p>\n
USDT has a theoretical peg of one-to-one with the U.S. dollar. At the time of publication, the UAH\/USDT trading pair is valued at 31.89 on Kuna, compared to the UAH\/USD exchange rate of 29.80. That indicates an implied premium of 6.55% for USDT. In context, USDT is currently trading at its theoretical peg on other centralized exchanges, such as Binance.<\/p>\n
Earlier on Thursday, the National Bank of Ukraine announced\u00a0that it had\u00a0fixed the foreign exchange rate of the UAH, limited cash withdrawals at banks, and suspended the issuance of electronic money (fiat currencies in digital form). When a nation sets the exchange rate of its currency, a black market quickly develops where consumers transact foreign currencies based on rates that reflect actual economic conditions.<\/p>\n
\nNEW: Over $360k in #bitcoin<\/a> has been donated to the Ukraine army in just one day <\/p>\n