Is Tether (USDT) losing the stablecoin war against USDC and BUSD

ambcrypto.com:

Major cryptocurrencies like Bitcoin and Ethereum can sometimes go up or down in double-digit percentages in a single day. As a result, most people associate cryptocurrencies with volatility. But some cryptocurrencies try to achieve the exact opposite. So-called stablecoins that are ideally pegged to fiat currencies like the U.S. dollar on a 1:1 basis at all times.

But what if that ratio is no longer uniform?

Terra‘s depegging and eventual collapse sent shockwaves across the crypto market. In the wake of its crash, other major stablecoins such as Tether (USDT) and USD Coin (USDC), and DAI witnessed changes as well. But looks like the largest stablecoin, USDT still couldn’t move on from the past despite a significant development.

On 9 June, Tether deployed the USDT stablecoin on Tezos, becoming the 12th blockchain on which the popular stablecoin is available.

Read the Press Release ⬇️https://t.co/x5vR1lcrsC pic.twitter.com/qRD55VoX67

— Tether (@Tether_to) June 9, 2022

Indeed, it aided USDT reach a staggering market cap of $72.5 billion. But not for long. The largest stablecoin witnessed a fresh 0.1% correction as it stood the $0.99 level.

The largest stablecoin after tether, USD Coin, gained $5 billion in market value, while Binance USD, which became the third-largest stablecoin, accrued another $1.4 billion in value, according to CoinGecko. Both of which had maintained a $1 peg.

Since 9 May, more than 130 large cryptocurrency holders increased their USD Coin balance. These holders increased shares by at least $1 million and decreased their Tether balance by at least $1 million. Here’s the graphical representation:

Source: CoinMetrics

Well, Tether indeed