The USDT stablecoin rate dropped below 90 rubles

The exchange rate of the USDT stablecoin against the Russian ruble dropped below 90 rubles. On the p2p platform of the Bybit crypto exchange, it is offered for 88–89 rubles; in online exchangers, the rate when exchanging using cards of Russian banks remains at 90 rubles, according to monitoring data as of June 19, 16:30 Moscow time.The dollar exchange rate set by the Bank of Russia as of June 19 is 87.0354 rubles.

The day before, at the Central Bank exchange rate of 89.0499 rubles. per dollar USDT was traded at 91 rubles on the Garantex exchange, at 92–94 rubles on the p2p platform from Bybit, the lowest rate in online exchangers was from 94 rubles.

Stablecoins are cryptocurrency tokens whose rate is pegged to an asset, such as the dollar, euro or ounce of gold. The largest stablecoin by capitalization is Tether USD (USDT), the issuer of which is Tether Limited. The token actually acts as an analogue of the dollar for users of crypto wallets.

USDT operates on several blockchain networks such as Ethereum, Tron, Solana or TON. USDT tokens of the TRC-20 standard operating on the Tron network are the most popular among users due to the high speed of transfers and their low cost.

Peer-to-peer trading, or p2p, is a transaction in which traders exchange cryptocurrency between themselves, and the platform (crypto exchange or separate online service) acts as a guarantor of their transactions. Monitors or aggregators of online exchangers allow you to get a visual list of exchangers, evaluate their reputation and see their available exchange directions.

From June 13, the Bank of Russia began setting the dollar/ruble exchange rate based on data on concluded interbank transactions on the over-the-counter foreign exchange market.On June 12, the Moscow Exchange and the National Clearing Center (NCC, part of the Moscow Exchange group) fell under US blocking sanctions.