The crypto market has a dominant stablecoin, make no mistake.
Tether, which aims to keep its token (called tether or USDT) at parity with the U.S. dollar by backing each token with $1 in bank deposits, accounts for the vast majority of the stablecoin market by total value, exchange volume and other metrics.
But the market has begun to show signs of anxiety around tether, centering on the firm's access to banking services and its claims to have fully collateralized the outstanding tether supply.