Tether USDT market cap breaks ATH, Binance CEO points at regulatory caps

  • 📰 Cointelegraph
  • ⏱ Reading Time:
  • 18 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 10%
  • Publisher: 51%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

Binance CEO points towards BUSD minting pause by NYDFS as Tether-issued USDT touches new market cap high.

At a time when USDT has reached its ATH market cap, its competitors such as Circle-issued USD Coin or Binance’s BUSD are struggling to maintain their market dominance. USDC the second largest stablecoin’s market cap stands at $28.8 billion with a difference of over $50 billion. For context, at one point UDC's market dominance was nearing that of USDT and its market cap reached an ATH of $55.8 billion in June 2022.

Similarly for USDC, the major crisis came in the form of the collapse of the Silicon Valley Bank where the. This led to market panic and a subsequent depegging from the U.S. dollar. Although USDC re-pegged the next day it took a significant toll on its market cap as many converted their USDC to other stablecoins in fear of a total crash.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

.cz_binance said BUSD, a fully regulated stablecoin, was “capped” by the New York Department of Financial Services (NYDFS) at $23 billion and currently sits at a $5 billion market cap, and since then, USDT has seen tremendous growth.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 562. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

USDT Issuer Tether Ventures Into Payment Processing With Georgia Investment$USDT issuer Tether_to said it invested in Georgia-based payment processing firm citypayio as part of a new plan to invest excess profits in infrastructure, technology projects and $BTC purchases. sndr_krisztian reports
Source: CoinDesk - 🏆 291. / 63 Read more »

What Is Tether? The Company Behind USDT | CoinMarketCapTether (USDT) is the OG stablecoin that started it all. This report looks into how that happened: 🔹 Tether’s recent announcement that it is buying Bitcoin. 🔹 Tether’s company structure. 🔹 Tether’s reserves and revenues.
Source: CoinMarketCap - 🏆 290. / 63 Read more »

Tether Expands Presence in Georgia With Investment in Payment Processing CompanyTether's expansion comes as USDT hit a record high of $83 billion market cap.
Source: Crypto_Potato - 🏆 568. / 51 Read more »