Tether's dominance in the crypto ecosystem keeps reshaping the landscape. Research from Galaxy highlights an intriguing pattern: the stablecoin giant is quietly consolidating its position as a heavyweight in Bitcoin-backed financial infrastructure. What started as a dollar-pegged utility has evolved into something far more ambitious—a sprawling financial apparatus with deep roots across trading, lending, and reserve management. The numbers tell a compelling story. Tether now anchors liquidity across hundreds of trading pairs, facilitating billions in daily volume. Its role in Bitcoin markets specifically has become inescapable: from OTC desks to margin trading platforms, Tether acts as the connective tissue binding major financial players together. Some analysts view this concentration as market efficiency; others see emerging systemic questions. Either way, the trajectory is clear—Tether isn't just a stablecoin anymore. It's becoming a financial empire with outsized influence over how Bitcoin trades and settles globally.