Binance remains the biggest cryptocurrency trading platform in the world today.
That being said, the odds are not in favor of this new stablecoin either.
Tether has over one $100 billion in on-chain volume, and that is just on the Ethereum blockchain.
Competition among stablecons is direly needed, yet it appears all of the current alternatives lack appeal, for reasons unknown.
One also has to keep in mind how Tether’s market cap plays a role in gauging overall market sentiment.
The higher up the rankings Tether is, the more bearish the markets tend to respond accordingly.
Right now, Tether’s market cap is ranked #6, following Bitcoin Cash and Bitcoin SV.
That situation can easily turn around again, however, albeit it wouldn’t necessarily be a good thing.