- The USDT market cap grew by $2.37 billion with the USDC experiencing a $739 million loss.
- Tether’s market capitalization also increased by $2 billion in the past week.
Earlier today, leading crypto exchange Binance’s CEO, Changpeng Zhao tweeted that the BUSD market capitalization has dropped from $16.1 billion to $13.7 billion. He added that most of it has been moved to USDT.
Moreover, he informed the USDT market cap has increased by $2.37 billion, from 67.8 billion to $70.1 billion, while the USDC market cap declined from $42.3 billion to $41.5 billion. He also mentioned that BUSD is not issued by Binance. CZ further adds that the landscape is shifting.
Stablecoins are used for both crypto-to-crypto and crypto-to-traditional asset exchanges. The third-largest stablecoin after Tether and USD Coin is Binance USD.
According to the analytics platform Coinmarketcap, Tether’s market capitalization, which is a measure of the amount of money held in Tether, has increased by nearly $2 billion this week.
Additionally, the Paxos Trust Company, the firm behind Binance USD, was told to halt the production of tokens on Monday, by the New York Department of Financial Services. The U.S. Securities and Exchange Commission supposedly informed Paxos that the New York-based company should have registered the stablecoin product as a security.
The press release stated that the Department is closely monitoring Paxos to ensure that it can conduct redemptions in a timely manner while adhering to tighter, risk-based compliance requirements.
Meanwhile, the Biancne native token, Binance Coin also suffered a loss. However, it has now recovered momentum and is trading steadily around $306.96.