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Tether's USDT market cap dips below $70B for an 8-month low

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Tether (USDT), the biggest stablecoin and the third largest digital currency by market capitalization, continues losing its market value amid the current market downturn.On June 16, USDT’s market cap dropped below $70 billion for the first time since October 2021.

The drop followed a cascade of repeated declines shortly after the USDT market value reached its all-time high above $80 billion in May.At the time of writing, Tether USDT’s market capitalization stands at $69.3 billion, up around $300 million from the multi-month low, according to data from CoinGecko.Tether’s biggest rival, USDC, is the second-largest U.S.

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