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Tether market cap nears $70B as SEC crypto crackdown hurts stablecoin rivals

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SEC's stablecoin crackdown is a boon for top-dog Tether USDT.

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Since Feb. 13 when the news broke, the BUSD market cap has lost roughly $2 billion, down to around $14 billion as of Feb. 16 — the lowest since January 2022., Binance has seen its withdrawals and BUSD redemptions surge post-Paxos crackdown.At the same time, USD Coin , the second-largest stablecoin by market capitalization, has also witnessed capital outflows in reaction to the SEC crackdown news. Its supply decreased from $41.29 billion on Feb. 12 to as low as $40.99 billion on Feb. 14.

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The next bear market will be triggered by the collapse of Tether. USDT is a ticking timebomb💣

It looks like Tether USDT is well-positioned to benefit from the SEC's stablecoin crackdown.

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