Stablecoin Reshuffling Chips Away at Tether’s Crypto Market Dominance

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.

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