Tether has never been more popular. A quick look at Coinmarketcap data underscores this point, with 24-hour trading volume in USDT (US dollar-denominated Tether) exceeding both Bitcoin and Ethereum combined.
Users of the Legacy Stablecoin Show No Sign of Relenting
A slow-rolling lawsuit brought by the New York attorney-general against Tether parent-company iFinex for fraud and market manipulation, among numerous other critiques, isn’t even close to defusing trader interest in the most popular stablecoin.
The Competition Grows Legs
While, of course, there are competing stablecoins, none have managed to meaningfully slow Tether’s momentum. Take Circle, which issues the competing USD coin. Besides boasting monthly reserve attestations from accounting firm Grant Thornton, it features a more transparent issuance process.
Yet, even with these improved protections and a 10x increase in inflows over the last 12 months, its capitalization stands at just over 20% Tether’s total. Moreover, USDC 24-hour…