NEW YORK — Tether's stablecoin and Bitcoin continue to command the largest share of daily trading activity across global cryptocurrency markets, according to the latest volume rankings from data provider CoinMarketCap, underscoring how dollar-pegged stablecoins have become the backbone of crypto trading even as speculative interest in the asset class remains concentrated in a small handful of major tokens.

Tether's USDT token led all cryptocurrencies in trading volume over the trailing 30-day period, with roughly $3.76 trillion changing hands, according to CoinMarketCap data. That figure dwarfed every other asset tracked on the platform, reflecting USDT's role as the primary medium traders use to move in and out of positions without converting back to traditional currency. Bitcoin ranked second, with approximately $1.66 trillion in trading volume over the same period, followed by rival stablecoin USDC at roughly $541.6 billion.

Ethereum, the second-largest cryptocurrency by market value, came in fourth with about $221.8 billion in 30-day trading volume, while Solana followed in fifth place with roughly $179.0 billion. XRP rounded out the top six, with approximately $158.9 billion traded over the period.

Rounding out the top ten were Zcash, a privacy-focused cryptocurrency that has seen renewed trading interest, with roughly $49.8 billion in volume; Dogecoin, the long-running meme cryptocurrency, at about $42.7 billion; KiiChain, a newer blockchain network that logged a notable $39.4 billion in trading activity; and BNB, the token associated with........

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