is tether the biggest stablecoin 
yes tether was the first and is the best known stablecoin in the crypto world the company had a market capitalization of nearly 99 billion as of march 2024 the bottom linetether is a cryptocurrency that attempts to maintain a value peg to an underlying currency such as the dollar or euro it does this by keeping enough actual currency or equivalents in reserves that the cryptocurrency holds the same value as the fiat currency tether is primarily used to convert cryptocurrencies to fiat to prevent slippage or a decrease in value between transaction initiation and execution however there are times when it isn t exactly pegged to the fiat currency it is supposed to be tracking for instance when the exchange ftx collapsed in november 2022 tether plummeted to nearly 0 995 but rebounded quickly at times seeing more than a 1 to 1 peg 17the comments opinions and analyses expressed on investopedia are for informational purposes only read our warranty and liability disclaimer for more info as of the date this article was written the author does not own cryptocurrency 