{"id":552601,"date":"2023-02-16T13:10:00","date_gmt":"2023-02-16T10:10:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/tether-market-cap-nears-70b-as-sec-crypto-crackdown-hurts-stablecoin-rivals\/"},"modified":"2023-02-16T13:10:00","modified_gmt":"2023-02-16T10:10:00","slug":"tether-market-cap-nears-70b-as-sec-crypto-crackdown-hurts-stablecoin-rivals","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/tether-market-cap-nears-70b-as-sec-crypto-crackdown-hurts-stablecoin-rivals\/","title":{"rendered":"# Tether market cap nears $70B as SEC crypto crackdown hurts stablecoin rivals"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a346053785a1\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a346053785a1\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/tether-market-cap-nears-70b-as-sec-crypto-crackdown-hurts-stablecoin-rivals\/#%E2%80%9D_Tether_market_cap_nears_70B_as_SEC_crypto_crackdown_hurts_stablecoin_rivals_%E2%80%9C\" >&#8221; Tether market cap nears $70B as SEC crypto crackdown hurts stablecoin rivals  &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/tether-market-cap-nears-70b-as-sec-crypto-crackdown-hurts-stablecoin-rivals\/#BUSD_market_cap_drops_by_2_billion\" >BUSD market cap drops by $2 billion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/tether-market-cap-nears-70b-as-sec-crypto-crackdown-hurts-stablecoin-rivals\/#USD_Coin_market_cap_downtrend_continues\" >USD Coin market cap downtrend continues<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/tether-market-cap-nears-70b-as-sec-crypto-crackdown-hurts-stablecoin-rivals\/#Tether_dominance_jumps_market_cap_rises_over_69_billion\" >Tether dominance jumps, market cap rises over $69 billion<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Tether_market_cap_nears_70B_as_SEC_crypto_crackdown_hurts_stablecoin_rivals_%E2%80%9C\"><\/span>&#8221; Tether market cap nears $70B as SEC crypto crackdown hurts stablecoin rivals  &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-71a7a826>The U.S. Securities and Exchange Commission (SEC) wants to sue Paxos for issuing and listing stablecoin Binance USD (BUSD) to the benefit of its top-rival stablecoin Tether (USDT), whose market capitalization has risen to multi-month highs.\u00a0<\/p>\n<h2><span class=\"ez-toc-section\" id=\"BUSD_market_cap_drops_by_2_billion\"><\/span>BUSD market cap drops by $2 billion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The SEC asserts that BUSD, a U.S. dollar-backed stablecoin, is a security, noting that Paxos has violated investor protection laws by white-labeling it.<\/p>\n<p><strong><em>Related:\u00a0Paxos \u2018categorically disagrees\u2019 with the SEC that BUSD is a security<\/em><\/strong><\/p>\n<p>Since Feb. 13 when the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> broke, the BUSD market cap has lost roughly $2 billion, down to around $14 billion as of Feb. 16 \u2014 the lowest since January 2022.\u00a0<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/b1a66e0d-df01-4c85-9531-b85fc78da2f8.png\"><figcaption style=\"text-align: center;\"><em>BUSD circulating supply. Source: Messari<\/em><\/figcaption><\/figure>\n<p>As Cointelegraph reported,\u00a0Binance has seen its withdrawals and BUSD redemptions surge post-Paxos crackdown.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"USD_Coin_market_cap_downtrend_continues\"><\/span>USD Coin market cap downtrend continues<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>At the same time, USD Coin (USDC), the second-largest stablecoin by market capitalization, has also witnessed capital outflows in reaction to the SEC crackdown news. Its supply decreased from $41.29 billion on Feb. 12 to as low as $40.99 billion on Feb. 14.<\/p>\n<p>However, this figure rebounded to $41.30 billion on Feb. 15 after Circle clarified that it had not received any lawsuit threat from the SEC.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">.<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/circle?ref_src=twsrc%5Etfw\">@circle<\/a> has not received a Wells notice. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/lE74zHVLka\">https:\/\/t.co\/lE74zHVLka<\/a><\/p>\n<p>\u2014 Dante Disparte (@ddisparte) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ddisparte\/status\/1625612567144964123?ref_src=twsrc%5Etfw\">February 14, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Despite\u00a0recent inflows, however, USDC&#8217;s market cap remains in a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> downtrend since its June 2022 peak of $56 billion \u2014 a 25% decline over the past eight months.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Tether_dominance_jumps_market_cap_rises_over_69_billion\"><\/span>Tether dominance jumps, market cap rises over $69 billion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The regulatory crackdown on U.S.-based stablecoin firms has been a boon for top-stablecoin Tether, whose market cap has jumped over $69 billion.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"qst\" dir=\"ltr\">69B<\/p>\n<p>\u2014 Paolo Ardoino  (@paoloardoino) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/paoloardoino\/status\/1625500251946885121?ref_src=twsrc%5Etfw\">February 14, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Nearly $890 million of inflows since Feb. 12 has pushed Tether&#8217;s market dominance to 51.25% as of Feb. 15, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/defillama.com\/stablecoins\">data<\/a> shows. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/6bccfa0b-1b36-4074-9a5e-35c2b6db7183.png\"><figcaption style=\"text-align: center;\"><em>USDT circulating market cap. Source: Messari<\/em><\/figcaption><\/figure>\n<p>The jump likely suggests that investors were spooked by the crackdown on BUSD and sought safety in Tether USDT. Tether Limited Inc. is owned by Hong-Kong-based\u00a0iFinex Inc., which also owns the Bitfinex cryptocurrency exchange.<\/p>\n<p><em><strong>Related:\u00a0USDT vs. USDC vs. BUSD: What are the similarities and differences?<\/strong><\/em><\/p>\n<p>Investigators have long attempted to uncover the accounting behind Tether to prove that its circulating USDT supply is not 100% backed by the dollar (and even a mix of other cryptocurrencies, Treasury bills, money market funds, and other assets) as it claims.<\/p>\n<p>Tether has repeatedly denied the accusations and provides regular assurance opinions every quarter\u00a0signed by third-party accounting companies. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/802a8387-7820-4b51-b2b1-d1fae16ae136.jpg\"><figcaption style=\"text-align: center;\"><em>Tether Reserves breakdown. Source: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/tether.to\/en\/transparency\/#reports\">Tether.to<\/a><\/em><\/figcaption><\/figure>\n<p>The latest report from Dec. 31, 2022 states that consolidated assets amounted to at least $67 billion, exceeding consolidated liabilities by at least $960 million.<\/p>\n<p class=\"post-content__disclaimer\">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/tether-market-cap-nears-70b-as-sec-crypto-crackdown-hurts-stablecoin-rivals\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Tether market cap nears $70B as SEC crypto crackdown hurts stablecoin rivals &#8220; The U.S. Securities and Exchange Commission (SEC) wants to sue Paxos for issuing and listing stablecoin Binance USD (BUSD) to the benefit of its top-rival stablecoin Tether (USDT), whose market capitalization has risen to multi-month highs.\u00a0 BUSD market cap drops by&#8230;<\/p>\n","protected":false},"author":1,"featured_media":552602,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/9b170461-b57f-4506-94a6-ec79517938b2.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,75014,138848,76153,74939,76605,74898,75493,82350,73785,36041],"class_list":["post-552601","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-binance","tag-binance-usd","tag-dollar","tag-market-analysis","tag-paxos","tag-sec","tag-stablecoin","tag-usd-coin","tag-markets","tag-tether"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/552601","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=552601"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/552601\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/552602"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=552601"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=552601"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=552601"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}