Tether’s USDT Maintains Strong Lead in Global Stablecoin Market
Tether, represented by its token USDT, continues to dominate the stablecoin sector, holding a significant 70.04% of the market share.
A stablecoin is a cryptocurrency that aims to maintain price stability by pegging its monetary value to a given fiat currency, typically on a 1:1 ratio. It can be backed by cash, cash equivalents, commodity values, or other financial instruments.
Stablecoins adopting cryptocurrencies as a direct replacement for conventional fiat currency requires stability. This currency can compromise a holder’s purchasing power. Stablecoins, such as Tether (USDT), USD Coin (USDC), Binance USD(BUSD), Dai(DAI), and TrueUSD(TUSD) are some of the popular stablecoins.
Stablecoins aim to keep the same price in a given currency, unlike other cryptocurrencies, which may fluctuate relative to the pegged currency. For example, a $1 stablecoin would maintain its price of $1. Get the latest news about Stablecoin from CryptoTale.
Tether, represented by its token USDT, continues to dominate the stablecoin sector, holding a significant 70.04% of the market share.
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