Despite the decline in stablecoin balances, Tether (USDT), the world's largest stablecoin by market value, has gained more dominance in the market.
- Stablecoin balances on centralized exchanges have reached their lowest point since May 2021.
- Recent market movements and external factors have ripple effects throughout the sector.
- Regulatory scrutiny and instability in the stablecoin market have rattled confidence.
As of Monday, the balance stood at just $21.06 billion, according to data from Glassnode. The blockchain analytics firm revealed that the effects have been far-reaching, and even prominent stablecoins such as BUSD, USDT, and USDC have...