Stablecoin Reshuffling Chips Away at Tether's Crypto Dominance – Bloomberg Law

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.

The overall size of the stablecoin universe contracted for a 17th consecutive month, …