What the numbers say:;Crypto price tracking site;CoinMarketCap's recent data;has shown that Tether (USDT) keeps its leading position long ahead of other stablecoins, with an $82.5B market cap. In the top five, the largest stablecoin is respectively followed by USD Coin (USDC), Binance USD (BUSD), Dai (DAI), and TrueUSD (TUSD). Crypto data website;CoinGecko's data;also pointed out that USDT closed May 9 with a 64.72% market dominance, maintaining a steady share above 60% for over a month. The second stablecoin with the highest market dominance rate has become USDC, with a 23.78% share of the cake.
Relevance:;USDT's leading position paved the way for mainstream platforms that adopt the largest stablecoin in its services. The prolonged crypto winter and the volatile nature of the non-backed cryptocurrencies also caused rising popularity and a relatively reassuring investor perception of stablecoins, including USDT and USDC, whose value is pegged to a fiat currency. Most recently;Xapo Bank, a crypto-friendly private bank headquartered in the British overseas territory of Gibraltar, has announced that it would start supporting USDT deposits and withdrawals by the end of May. The 10-year-old bank said it would not charge any fees for USDT transactions. The bank also introduced USDC support in March and has received $48M in deposits and $4.5M in withdrawals so far.
Brands that should care:;The popular messaging app;Telegram similarly added;the ability to transfer USDT through chats in March. The new feature allowed users to buy and sell the largest stablecoin between each other directly within chats, just as sending a text or photograph.