Love, hate or fear it, there’s no avoiding tether (USDT). Its shadow looms over the cryptoconomy, supplying sanctuary in times of volatility, providing fiat capital inflow and acting as a lightning rod for crypto critics who believe it’s propping up the price of bitcoin. Over the past year, a flurry of new stablecoins have entered the market, each vying to topple tether and provide a more transparent and fully audited alternative. So far, they have scarcely made a dent in tether’s dominance.
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Despite a String of Contenders, Stablecoins Can’t Topple Tether
Stablecoins have attracted less attention this year because revitalized crypto markets have given traders less cause to rely on them. Last year, everyone was issuing new stablecoins, but that trend has slowed to a trickle. On July 3, a new stablecoin did enter the fray, although this one has no designs on displacing tether. Pink Care Token (PCAT) is a stablecoin issued as part of a…