Tether Cedes Territory to Rival Stablecoins as Crypto Investors Diversify

A tumultuous spring in cryptocurrencies is remaking the pecking order among so-called stablecoins, which serve as a bridge between crypto and government-issued money. 

Tether is the best-known and most widely traded stablecoin—a breed of cryptocurrency that purports to offer a reliable conversion to and from dollars at a fixed price. After Tether fell from its $1 peg to 95 cents on May 12, investors redeemed $10 billion in the weeks that followed.