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Promote with Leviathan NewsTether, issuer of the USDT stablecoin, has recently been reported as controlling about 75% of the stablecoin market, with USDT’s market capitalization around $112 billion and the combined top-five stablecoin market above $150 billion. That concentration has renewed scrutiny of Tether’s role in crypto liquidity, especially because USDT is the main settlement asset used across exchanges and trading venues, while USDC and other rivals have lost relative share. The concern behind the Cointelegraph story is not that Tether has failed, but that its scale makes any confidence shock potentially systemic. Critics, including Cyber Capital’s Justin Bons, have long argued that Tether’s transparency is weaker than that of some peers because it does not provide a full third-party audit in the way skeptics want, and that its reserves and business structure deserve closer examination; those criticisms are amplified whenever USDT dominance rises sharply. The significance is that if a large stablecoin were ever hit by a redemption or reserve-confidence problem, the spillover could affect trading liquidity, leverage, and market plumbing across crypto in a way that resembles past systemic failures, which is why Tether’s market share keeps drawing comparisons to FTX-style risk even though the underlying issue is different.
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