A tumultuous spring in cryptocurrencies is remaking the pecking order amongst so-called stablecoins, which function a bridge between crypto and government-issued cash.
Tether is the best-known and most generally traded stablecoin—a breed of cryptocurrency that purports to supply a dependable conversion to and from {dollars} at a hard and fast worth. After Tether fell from its $1 peg to 95 cents on May 12, buyers redeemed $10 billion within the weeks that adopted.
