As the U.S. banking crisis widens and regulators crack down on crypto companies, investment in the crypto space is shifting toward crypto-assets that are considered relatively safe. Tether has been the best performer among stablecoins, with its market capitalization surging since March.
Anders Kvamme Jensen, founder of AKJ Global Brokerage and a digital asset expert, said: "The banking crisis is fueling 'hyper-bitification' - the U.S. dollar will become worthless, which is the inevitable outcome." This has prompted people to turn to Bitcoin. Top cryptocurrencies such as Coin and Ethereum. At the same time, stablecoins like Tether (USDT) are viewed more as a store of value, a tool to facilitate transfers between cryptocurrencies, and as collateral for derivatives transactions.
In CoinMarketCap’s database of 23,891 tokens, Tether (USDT) has risen to third place, with a market capitalization of $82 billion and a share of 6.83%. (Reuters)
