of the USA, in Binance’s ecosystem to BUSDThe pressures he exerted brought with him question marks.
Allowing easier and faster transactions in the cryptocurrency industry stablecoins is going through difficult days with claims of “securities”. In the past years, Terra USD ( TOP ) also created a pessimistic environment for stablecoins. Seeking to solidify regulatory and supervisory clarity, US regulators have put intense pressure on stablecoins. However, these processes It did not create the panic atmosphere expected in stablecoins.
Battles for Domination in Stablecoins!
US regulators have launched an investigation against Paxos, the issuer of Binance USD (BUSD). Although Binance announced that it is not included in the issuance part and only uses it as an ecosystem product, it could not avoid being on the agenda. This situation, which is the last panic atmosphere in the markets, brought with it large money outflows on the BUSD side.
Investors coming out of BUSD are using Tether (which they see as a safer and more sheltered haven). USDT ) headed to. Binance CEO CZ, approximately $2.5 billionthe asset from BUSD to USDTHe said he passed.
US regulators BUSDfor “unregistered securities” His use of the term has become a new topic of confusion after algorithmic stablecoin problems. depeg in past years TOPalso attracted attention with its algorithmic structure.
Paxos, in the middle of the lawsuits BUSDannounced that it would stop printing, It puts on the table the possibility of slips of 137 billion dollars.
These situations, which happened in a short time, stablecoindid not include a negative situation in terms of the market. stablecoinmarket cap, amid bad news It saw an increase of $2 billion.
bitcoinfocusing on the development Hiro’sCEO Alex Miller, “There is so much demand for dollar-backed stablecoins that there is no way for them to go.”said.
Tether, which is called the leader in the stablecoin market ( USDT ), has reached $70.3 billion in market capitalization since the news. It currently dominates 52.6% of the stablecoin market. The second largest stablecoin, USD Coin ( USDC), 700 million dollarswith an input that exceeds It reached a market capitalization of $42 billion.This is the case in the stablecoin market. 31.3 percentgained dominance.
