Tether's USDT is moving in a contrasting trend. The stablecoin market dominance currently sits at 65.89% from 47.04% one year ago. Its market capitalization soared to $83.1 billion, while the USDC market cap dropped to $29 billion from its $55 billion peak.for the stablecoin's declining market capitalization. The current environment in the United States appears to be beneficial for Tether.The U.S. banking crisis led to USDC depegging in March as reserves worth $3.
With the growing connection between the crypto space and traditional finance, stablecoins have become increasingly popular. A report released recently by the European Systemic Risk Boardin the digital assets market, specifically for stablecoin reserves. Tether has been heavily criticized for lacking transparency over the past years. Owned by Hong Kong-based iFinex, the crypto firm
by the New York Attorney General’s Office for allegedly misrepresenting the fiat backing for its reserves. As part of the settlement, the stablecoin issuer was also required to provide greater financial transparency.