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U-Tether held its fort, however, even trading at a premium in the following days. This came despite a long-held notion among some market participants about the token’s opaque asset backing and concerns about parent company Tether Global.

Data further shows at least $5 billion of inflows into Tether in the past weeks, bringing its market capitalization to over $77 billion as of Wednesday. Updated

Part of that could likely be due to its supposedly low exposure to the U.S. banking system, some say.

“Tether has no exposure to SVB as its popularity lies more in the Asian region, meaning USDT doesn't rely on dollars being held in American banks, making it one of the safest stablecoins to pivot to currently,” said François Cluzeau, head of trading at Flowdesk, in a message to CoinDesk.

“We have seen a lot of USDC and DAI being traded for USDT, which has kept USDT liquid,” Cluzeau wrote.

The systematic risks of USDC affected dai stablecoins, which further strengthens tether’s thesis of holding a variety of assets to back its stablecoins, said Mitya Argunov, chief product officer at P2P.org.

"Tether’s performance during the crisis is largely due to its lack of direct exposure to SVB – it just didn’t have deposits there. Other major stablecoins like DAI were also indirectly exposed and de-pegged because they are actually largely collateralised by USDC,” Argunov said.

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