• USDT’s dominance rose to 64.74%, indicating a resurgence in its influence in the stablecoin market.
• USDT’s collaboration with Cosmos could boost both ecosystems.

The fall of Silicon Valley Bank impacted USD Coin [USDC] negatively and propelled Tether’s [USDT] market cap and dominance to unprecedented levels. However, recent concerns and uncertainty surrounding its de-pegging impeded the progress of USDT. Nevertheless, new data indicated that USDT’s dominance has increased once again.

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Notably, on 21 June, USDT announced a collaboration with the Kava Network. This partnership will deploy USDT on the Kava Chain, which acts as a gateway to the Cosmos ecosystem.

This strategic move not only benefits USDT but also has positive implications for the Cosmos [ATOM] ecosystem.

USDT leads stablecoin race

At press time, USDT’s dominance had reached 64.74% according to data provided by DeFi analyst Victor. This demonstrated a resurgence of USDT’s influence in the stablecoin market.

In terms of market cap, USDT continued to decline, raising concerns about its future performance. Despite having a relatively higher market cap than other stablecoins, the declining trend suggested potential challenges for USDT ahead.

On the other hand, USDC’s market cap witnessed some growth over the past week, indicating its resilience amidst the changing landscape.

However, th

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Author: Himalay Patel

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