Pegana tracks USDT's peg continuously and publishes a verifiable receipt for every state change. Tether (USDT) last traded at - against an intrinsic value of -.
USDT is a fiat-backed stablecoin, so its intrinsic value is $1.00 by construction and the only question is whether the market price is holding there. Pegana computes USDT’s intrinsic value from its peg mechanism and compares it against the best executable market quote. The spread is smoothed, classified against USDT’s own calibrated thresholds with hysteresis, and every state change emits a public receipt that anyone can re-derive byte-for-byte with the open-source methodology crate.