Tether Cedes Territory to Rival Stablecoins as Crypto Investors Diversify

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A tumultuous spring in cryptocurrencies is remaking the pecking order among so-called stablecoins, which act as a bridge between crypto and government-issued money.

Tether is the best known and most traded stablecoin, a breed of cryptocurrency that claims to offer reliable conversion to and from dollars at a fixed price. After Tether fell from its $1 peg to 95 cents on May 12, investors redeemed $10 billion in the weeks that followed.

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