Despite the criticisms of opaqueness and centralization leveled against Tether, the stablecoin which was initially known as RealCoin continues to beat its rivals by wide margins.
In a report titled The State of Stablecoins, digital assets tech firm Blockchain Luxembourg SA estimates that approximately 98% of the total daily trading volume of stablecoins is dominated by Tether. On a daily basis this translates to approximately 60% of the daily trading volume of Bitcoin.
With regards to market value, Tether comprises approximately 93% of the market cap of all stablecoins. Currently, the combined market capitalization of all stablecoins is approximately US$3 billion and this is around 1.5% of the entire cryptocurrency market.