The loss of its U.S. dollar peg isn’t the only thing driving down the market cap of tether (USDT), the cryptocurrency market’s largest “stablecoin.” Tether Falls Below Dollar Parity The USD-backed token, which as recently as late August had a circulating valuation of nearly $2.

In late 2017, Fidelity, one of the largest brokerages and asset managers with 7.2 trillion in assets under management as of October 2018, launched its first crypto initiative.