Tether market cap slips as stablecoin ecosystem shifts
Tether, the world’s largest stablecoin, experienced its first market cap dip in nine months, according to CCData. This decline comes as the stablecoin ecosystem undergoes significant changes, reshaping crypto market dynamics. Stablecoins dip Tether (USDT), a highly controversial digital asset in the Web3 space, recently faced a setback. In August, its market capitalization dropped by 1.2%, settling at $82.9 billion, as reported by CCData. Although this marks the first decline in almost a year, Tether still maintains a substantial lead over its closest competitor, USDC. Stablecoins are digital assets typically tied to fiat currencies like the dollar. They serve primarily for trading and asset transfers within exchanges. The overall stablecoin market shrank for the 17th consecutive month, decreasing by 0.4% to approximately $125 billion, according to CCData. Trading volumes in the larger $1 trillion digital asset market also decreased, influenced by rising interest rates, tighter ...