I'm afraid that with attachments we sort of have this now." —with the help of Emily Nicolle.
The regulatory crackdown on cryptocurrencies is proving a boon for a token that’s located outside the US and being scrutinized over the transparency of its reserves.
Tether Holdings Ltd’s USDT — the world’s largest stablecoin — increased its market share by about $1 billion in the past 24 hours alone, as some traders move their holdings out of rivals following a series of enforcement drives by financial watchdogs in the US.
Since early February, $2.5 billion has been injected into usdt, bringing its total procurement from $67.8 billion to $69.4 billion on Tuesday, according to the data website challenge. In the same period, circle usdc saw releases of 1.45 billion dollars and the paxos bus lost 710 million dollars. Both operate under our authority's supervision.
New entries in usdt increased its market share to 51%, defilama said.
A fresh bout of regulatory activity is spooking investors. On Monday, the New York Department of Financial Services told rival stablecoin issuer Paxos to stop minting new Binance-branded BUSD tokens due to “unresolved issues” in overseeing its relationship with Binance.
The U.S. Securities and Exchange Commission may seek to label an unregistered security, said Mr. Paxos, adding that it is "categorically at odds" and will launch legal action "vigorously" if necessary.
The U.S. Securities and Exchange Commission may seek to label BUSD as an unregistered security, said Mr. Paxos, adding that it "strongly disagrees" and will take legal action "vigorously" if necessary.
US Crackdown Seeks to Push Crypto Back to Fringe of Finance (1)
The message for traders is clear — the crackdown is gathering pace, and that’s sending some of the larger firms to seek havens offshore, out of the reach of US regulators.
Now we wait to see the how the stablecoin market will shape up
Likeliest winner is Tether, which makes the stablecoin market even further concentrated + monopolistic
Keep an eye out for @riyad_carey's Deep Dive on Thursday exploring the fallout in more detail ??
— Stay tuned for @riyad_carea's Deep Dive on Thursday as you explore the benefits in more detail? — February 14, 2023
Nagendra Bharatula’s G20 Group is contributing to the shift, and was one of the companies selling their USDC in favor of cash dollars and USDT.
Nagendra Bharatula's G20 Group is making a difference, and was one of the companies that sold their USDC for cash dollars and the USDT.
In just the past 24 hours, the stock market capitalization of usdt has increased by $1 billion, according to Defilama data. Usdc and bus at the same time decreased, losing 280 million dollars and 690 million dollars, respectively.
One of the circle's spokesmen refused to comment. Tether did not respond to an RFC. A Paxos spokesperson referred to its recent statements regarding developments around BUSD.
What are knives, anyway?
- What are the Stabilizers?
- Digital tokens that aim to retain individual value with a less volatile asset like the dollar, generally holding large reserves as a separate guarantee.
- Stablecoins have been subject to increased regulatory oversight in the wake of the $40 billion terrausd collapse, which relied on algorithmic incentives with its token luna sister to keep its value.
Regulators are often accused of creating regulatory arbitrations, by expanding operations in other jurisdictions, as Clara Medalie described it, Chief Research Officer at the kaiko data company.
"Basically, the only thing left for us to do is get attached," she told Bloomberg TV. "In short, we have Tether left," she told Bloomberg TV.
It is never a good thing that all risks are concentrated in one centralised entity.