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Rise of Crypto Market’s Quiet Giants Has Big Market Implications

March 19, 2021, 2:40 PM

An influential set of cryptocurrencies is under increasing scrutiny, and how it’s regulated will have major implications for digital tokens as a whole.

So-called stablecoins such as Tether or USD Coin track the value of assets including fiat currencies like the U.S. dollar. While those linkages mean they don’t have the spectacular price moves of the likes of Bitcoin and Ether, it’s also helped facilitate their growth into a crucial part of the crypto ecosystem.

As of the middle of Asia’s day on March 17, Tether’s 24-hour volume was $94 billion versus Bitcoin’s $56 billion, according to cryptocurrency data provider ...