Say Goodbye to BUSD and USDC: USDT Emerges as the Top Stablecoin

Say Goodbye to BUSD and USDC: USDT Emerges as the Top Stablecoin

With the SEC and the New York Department of Financial Services taking action against Paxos’ BUSD and the news that Circle’s USDC will be in a similar position, Tether is becoming increasingly popular!

This has been expected for some time, but with the BUSD and USDC news coming back to back, Tether has moved extremely quickly to fill the void. At the same time, this news, as well as the promotion by many social media influencers on Telegram and Twitter, are believed to have played an important role. 

The speed of switching between BUSD and USDT is increasing!

Since yesterday, the market capitalization of USDT, the largest stablecoin, has increased by almost $1 billion. USDT’s market capitalization rose from $68.47 billion on Tuesday to $69.6 billion …. USDT’s market cap fell by the same amount or more than BUSD’s, suggesting that most of the transfer from BUSD to USDT has taken place.

Tether’s dominance of the markets rises to over 50%!

BUSD’s market capitalization currently stands at $14.7 billion, down from $16.1 billion yesterday. With the latest revisions to the data, Tether’s share of the $137 billion stablecoin market has risen to over 50%.

Say Goodbye to BUSD and USDC: USDT Emerges as the Top Stablecoin

It will be recalled that on Monday, Paxos claimed that it had agreed to stop BUSD production, but later stated that it was prepared to fight the SEC to the end and with great force.

On the other hand, it was claimed that what happened to BUSD would happen to Circle’s USDC and that the SEC had already sent a warning letter to the company. Circle’s management denied this.

Comments continue to be made that the decline of both stablecoins will continue in the near future. 

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