Stablecoin Tether maintains a market cap near $163 billion and is the most widely used on‑chain liquidity vehicle. It is pegged 1:1 to the U.S. dollar and dominates stablecoin trading volume.

$USDT plays a pivotal role in crypto as an on‑ramp/off‑ramp asset, reducing exposure to volatility. Regulatory scrutiny continues, but its broad adoption in exchanges and DeFi underscores its essential utility.