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First Mover: How a DeFi Trader Made an 89% Profit in Minutes Slinging Stablecoins

So-called stablecoins like tether and USDC are $1 tokens in theory, but a complex arbitrage transaction seems to have netted one trader an 89% profit in just minutes.

Updated Sep 14, 2021, 9:42 a.m. Published Aug 12, 2020, 12:19 p.m.
Schematic of Aug. 10 stablecoin arbitrage trade using DeFi.  (Etherscan, CoinDesk)
Schematic of Aug. 10 stablecoin arbitrage trade using DeFi. (Etherscan, CoinDesk)