The banking sector could potentially undergo a much-needed revamp, but until then, investors appear to be scrambling for a safety net. As the traditional financial world is rocked by the Credit Suisse chaos and the failure of a series of US banks, investors have flocked to the largest stablecoin, Tether (USDT).

The turmoil has once again helped the controversial asset extend its lead.

Tether’s market cap has reached levels last seen in May 2022. In fact, USDT has continued to follow a steady upward trajectory since the massive drop that month and even managed to surge past $77 billion. It was up by over 17% year-to-date as traders are relying on the asset more than ever.

(By Chayanika Deka)