USDT Volume Up Despite Tether’s Stablecoin Dominance Dropping
The ongoing drama surrounding the opaque operations of Tether throughout 2018 has driven the proliferation of similar pegged currencies, leading to USDT’s dominance over the stablecoin markets waning. Despite this shift, USDT trade volume has risen 100 percent since tether’s dramatic decoupling from its dollar peg in October.
Tether Loses Stablecoin Crown Amid Controversy
At the start of 2018, USDT accounted for approximately 94 percent of the entire stablecoin market. According to Diar, Tether’s dominance fell to 74 percent as of December 2018. As of this writing, Tether is the seventh largest cryptocurrency by market capitalization with a circulating supply of 1.85 billion USDT, down from over 2.8 billion on Oct. 7, 2018.
Continual speculation regarding the opaque nature of Tether’s operations and accounting, punctuated by a crash that saw the price of the so-called stablecoin drop to $0.88 on Oct….
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