Tether's USDT Remains the Dominant Stablecoin, but It's Facing Stiff Competition. Here Are 3 Contenders.
The stablecoin market has more than doubled in size in under two years, going from $120 billion in October 2023 to $288 billion (as of Aug. 19). Nearly 60% of that is Tether (CRYPTO: USDT), a U.S. dollar stablecoin with a market cap of $167 billion.However, there are some valid concerns about Tether. In 2021, the Commodity Futures Trading Commission fined Tether $41 million for misleading claims that its stablecoin was fully backed by U.S. dollars. Tether also doesn't currently meet the requirements of the Genius Act, which passed last month. The Genius Act requires that stablecoin issuers publish monthly disclosures of their reserves. Tether publishes reserve reports on a quarterly basis.This could give other stablecoins the chance to take a portion of Tether's sizable market share. Three stablecoins, in particular, stand out as strong competition to Tether.Continue readingWeiter zum vollständigen Artikel bei MotleyFool
Quelle: MotleyFool
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