“On Bitfinex the Tether peg is >1$ while on Kraken it is slightly lower than 1$. This has resulted in arbitrageurs buying USDT cheap on Kraken and selling it on Bitfinex for profit. While other market makers have bought USDT < 1$ on Kraken and directly redeemed it for 1$, still enjoying the profit. But all this is pure market dynamics and has absolutely nothing to do with the value of tether, which continues to hold its peg,” the spokesperson further explained.
Source: https://www.coindesk.com/markets/2022/05/12/tether-loses-1-peg-bitcoin-drops-to-2020-levels-of-near-24k/?utm_medium=referral&utm_source=rss&utm_campaign=headlines