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Tether, a stablecoin tracking the price of USD, is now claiming that every USDT in circulation is backed “in excess of 81% by cash and cash equivalents” without any exposure to commercial paper.
The Securities and Exchange Commission (SEC) has always been on Crypto crackdown on crypto companies and 2023 crypto crackdown started with Kraken. The SEC charged Kraken for not registering their sale of the crypto staking programme after which the exchange agreed to shut down the programme.
Tether's USDT has seen its market capitalization rebound to nearly $70 billion as the SEC ordered Paxos to stop issuing BUSD, the third-largest stablecoin.
The increase comes as BUSD issuer Paxos faces increasing regulatory scrutiny.
Definition This chart shows the relative dominance of the top four stablecoins USDT 🟢, USDC 🔵, BUSD 🟡 and DAI 🟣.
In fact, it has been going up since early December 2022, both because many of the previously existing doubts about Tether's management of stablecoin reserves are slowly thinning out and because its main competitors are suffering.
As the controversy around the third-largest stablecoin Binance USD (BUSD) rises, the only gainer among the top US dollar-pegged crypto assets is tether (USDT). Per CoinMarketCap data, the total stablecoin market cap has also risen.
The USD Coin was developed by the Centre consortium founded by Circle, a peer-to-peer payments company based in Boston, Massachusetts.
With the fall of a top-three stablecoin, Tether is emerging as a clear winner.
With cryptos printing pensive price action ahead of key economic reports, investors should take a cautious approach to the sector.
Paxos probe drives investors to dump BUSD for Tether.
Curve pool's Binance USD (BUSD) V2 pool is heavily imbalanced, with crypto traders showing preferences for Tether's USDT.
After a prolonged decline, Tether (USDT), the largest stablecoin by market capitalization, increased its circulating supply to levels it had demonstrated before the FTX/Alameda drama.
While the stablecoin market has seen significant redemptions in the past three months, the supply of tether, the largest stablecoin by market capitalization, has increased by 2.46 billion since mid-November 2022. Tether is the only one of the top five stablecoins by market valuation that has seen a supply increase in the past three months.
Investors are fleeing the Paxos-issued stablecoin even though the firm gave assurances it is fully backed and will be wound down in an orderly manner, one observer said.
Wanchain has made a name for itself as a decentralized bridge that helps crypto users move tokens between chains. In addition, Wanchain believes that the future and potential of blockchain depends on interoperability.
Brazil's federal tax authority, which compiles data from foreign and local exchanges on cryptocurrency usage, said that the value of all transactions for tether jumped 58% last year compared to a year earlier.
Regulators' latest actions could mark an expanded interpretation of which stablecoins qualify as securities, one lawyer said — but much is still unknown
Capital is starting to flow into USDT out of USDC, according to Glassnode data analyzed by CryptoSlate. The chart above shows the market cap of USDT and USDC – both stablecoins that are pegged to the US dollar – since March 2021.
Key Points: As the SEC prepares to crack down on dollar-pegged tokens, Tether, the oldest stablecoin, is as strong as ever. Tether (USDT) is once again establishing itself as crypto's preferred pegged currency, with its stablecoin market share approaching 50% for the first time since December 2021.
As per Wanchain, the unique solution utilizes cross-chain bridges for the provision of non-custodial and convenient transactions across blockchains.
Tether's (USDT) stablecoin market share is approaching 50% for the first time since December 2021 and is once again consolidating as cryptocurrency's preferred pegged token. The largest stablecoin issuer now has a $68.4 billion circulating supply, an increase of around 3%, after deploying an additional $2.4 billion USDT this year.
Binance's BUSD stablecoin market capitalization continues to fall as users convert their BUSD stablecoins to Tether's USDT. The move comes as the New York Department of Financial Services on Monday ordered Paxos Trust Co., the issuer of Binance USD (BUSD), to stop creating more of Binance's dollar-pegged stablecoin.
Tether, issuer of the world's largest stablecoin, reported a $700 million profit in the fourth quarter of 2022 and said it completely moved away from holding commercial paper as part of the reserves backing its USDT token. "The Hash" panel discusses the latest from Tether and the larger implications for the stablecoin market.
