Tether (USDT), the single most traded stablecoin pegged to the USD, is now facing competition as Bitcoin’s price gets ever more volatile. New stablecoins have appeared and made their mark over the last few months, nibbling away at its market cap.
One of these coins, known as the Paxos Standard (PAX) token, flew to new heights in the last three months, reaching a total of $5 billion in its trading volume over that period and accumulating $157,058,532 along the way in market capitalization at press time, according to a press statement that Cryptovest received via email.
Pegged to the US dollar just like Tether, PAX managed to gather almost 10% of the current USDT market cap.
According to statements from the developer, $136 million in PAX have been redeemed over the period in which it’s been traded.
“We have seen tremendous adoption around the globe as people increasingly value and understand our unique position as a regulated stable...
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