Against the backdrop of an ongoing Russian invasion, the price of stablecoin USDT soared to 36.97 Ukrainian hryvnia (UAH) ($1.23) on Ukraine’s Kuna exchange on Thursday. The total trading volume of all cryptocurrencies on the exchange amounted to about $4.4 million in the last 24 hours.
During the same period, mid-market rates from currency data provider XE indicated that the UAH coin had only risen to a high of 29.89 per US dollar. In other words, the USDT conversion rate was much higher than typical UAH per US dollar transactions.
USDT has a theoretical one-to-one peg to the US dollar. At press time, the UAH/USDT trading pair is valued at 31.89 Kuna, compared to the exchange rate of 29.80. This indicates an implied premium of 6.55% for USDT. In context, USDT is currently trading at its theoretical pair on other centralized exchanges, such as the global Binance platform. However, data from Binance Ukraine suggests that its USDT is trading at more than a 7% premium to the Ukrainian hryvnia.
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