The surge in DeFi lending has led to a significant increase in the demand for stablecoins. Tether's market cap has surpassed that of Bitcoin, with its daily trading volume exceeding $10 billion. This growth is driven by the need for a reliable store of value and a medium of exchange in the decentralized finance space.

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Tether's dominance in stablecoins is a testament to its reliability and liquidity, but it's also important to consider the risks associated with its centralized nature.