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Tether (USDT) Market Cap Back Above $69 Billion Amid Binance FUD

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Market cap of Tether surges over $69 billion; $USDT controls more than half of stablecoin market w/ paoloardoino

Paxos Global, an issuer of BUSD, will stop releasing new stablecoins as the NYDFS ordered it to stop offering unregistered securities. All existing Binance USD will be supported at least until 2024.

USDT and USDC should be the top beneficiares of this painful ruling for Binance . For the first time in more than a year, USDT's market cap smashed through 50% of all stablecoins' capitalization. As such, Tether is now larger than all of its competitors combined.Also, it is worth noticing that Tether Limited reported profits for the first time ever on Feb. 9, 2023. In Q4, 2022, it made more than $700 million, as U.Today covered.

 

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