The market-leading stablecoin Tether ( USDT ), which is also the third-largest cryptocurrency in terms of market capitalization, is losing market value noticeably as the crypto market continues to weaken.
The market value of the USDT slipped below USD 70 billion on Thursday for the first time since October 2021. This downturn was preceded by a series of smaller pullbacks after the Tether market cap hit a new record high of over $80 billion in May.
At press time, Tether's (USDT) market cap is back at $69.3 billion, up $300 million from the previous downturn to a multi-month low.
Major competitor USD Coin, the second-largest dollar-pegged stablecoin issued by major cryptocurrency payments service Circle, broke the $50 billion market cap milestone in February, but it still lags behind the leader lagging behind.
While Tether has lost market share over the past few weeks, other stablecoins like USD Coin ( USDC ) have been catching up. The latter recently improved from USD 48 billion in mid-May to USD 55 billion in mid-June .
Tether's losses come amid a market-wide crisis that has pushed the total cryptocurrency market cap below $1 trillion for the first time since February 2021 in recent weeks.
In order not to lose the trust of crypto users in addition to market shares and market value, Tether is currently trying to distance itself from the structural problems of some associated crypto companies. The stablecoin publisher explicitly announced on Monday that the impending insolvency of the crypto savings bank Celsius, for which Tether acted as a lender and investor, among other things, will have no effect on the company's reserves or its stability.
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