The Tether-issued stablecoin's supply rose to $118 billion from $65 billion while main rivals struggled.
Tether's USDT, the largest stablecoin, is not only growing larger, it's also cementing its dominant position and now accounts for almost 75% of stablecoin market value, up from 55% two years ago, data by blockchain data analytics platform Token Terminal shows.Stablecoins, cryptocurrencies whose price is meant to be pegged to a real-world asset such as a national currency or gold, are key pieces of plumbing for the crypto market, serving as a bridge between fiat money and digital assets.
New entrants have emerged recently, such as payments giant PayPal's PYUSD token and decentralized alternatives from blockchain applications Aave and Curve, but has yet to challenge the leadership of centralized issuers Tether and Circle.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.