Cryptocurrencies
Stablecoin Reshuffling Chips Away at Tether’s Crypto Market Dominance
- Total stablecoin market cap declined in August again: CCData
- Tether showed its first market-cap loss in nine months
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Tether, the digital token that underpins much of cryptocurrency world’s ecosystem, saw its market capitalization decline for the first time in nine months amid a growing reshuffling of the stablecoin sector.
The market cap of Tether’s USDT token fell 1.2% to $82.9 billion in August, according to researcher CCData. That’s still three times larger than its closest competitor. Stablecoins are crypto tokens that are usually pegged one-to-one to an asset such as the dollar and are mostly used in trading and to move digital assets between exchanges.