Stablecoins at their lowest market cap since 2021: Report

📆 2023/02/24 2:05:00
📰 CryptoAmb

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The total market capitalization of stablecoins fell by 0.68% in February. Recent regulatory measures have affected the performance of these tokens. According to a 22 February CryptoCompare report, the total market capitalization of the sector’s stablecoins fell to $136 billion in February. This number was the lowest since September 2021. The report stated: “In February, […]

Moreover, the market cap of BUSD has fallen 18% to $13.2 billion since Paxos stopped minting the stablecoin, according to the report.

Furthermore, the Securities and Exchange Commission has informed Paxos that it intended to sue it for violating investor protection laws. According to the notice, BUSD is an unregistered security. BUSD is listed on several exchanges, including Paxos.In February, USDT’s stablecoin’s market share increased from 48.7% to 51.7%, the highest level since October 2021.

Following the SEC’s move against the BUSD, Paxos’ stablecoins experienced significant outflows. This resulted in a 15.8% and 24.37% drop in the market capitalizations of BUSD and

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