Tag: Stablecoin

Tether market cap nears $70B as SEC crypto crackdown hurts stablecoin rivals

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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.  BUSD market cap drops by $2 billion 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. Related: Paxos ‘categorically disagrees’ with the SEC that BUSD is a security Since Feb. 13 when the news broke, the BUSD market cap has lost…

Tether USDT Stablecoin Gains $1 Billion as Paxos Burns Over $1.8B of Binance USD Stablecoins

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Stablecoin Market Sees Supply Increase for Tether as Competitors Decline in Light of Recent Regulatory Developments – Altcoins Bitcoin News

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While the stablecoin market has seen significant redemptions in the past three months, the supply of tether, the largest stablecoin by market capitalization, has increased by 2.46 billion since mid-November 2022. Tether is the only one of the top five stablecoins by market valuation that has seen a supply increase in the past three months. Tether Supply Rises While Competitor Stablecoins See Declines Much has changed in the past three months following the collapse of FTX and its aftermath. The stablecoin economy has experienced significant redemptions, and 30-day statistics from…

Falling Stablecoin Issuance Is Negative Sign for Crypto Trading

“Rising market prices enticed traders to take on more leverage, in the form of borrowing stablecoins, which was then used to buy more crypto,” analysts Sheena Shah and Kinji Steimetz wrote. “Falling market prices were catalyzed by a reduction in crypto liquidity caused by traders closing long crypto positions, followed by redemptions of the stablecoin received.” Source

Interest-Free Stablecoin Lender Liquity’s LQTY Token Surges 45% as Regulator Goes After Paxos’ BUSD

The protocol runs a two-token model like MakerDAO. The difference, however, is that Liquity doesn’t have a governance system. Therefore, large holders of LQTY cannot influence decision-making. The fully-decentralized setup also means the protocol’s original design cannot be altered to introduce centralized stablecoins, which have recently come under regulatory scrutiny, as new collateral. Source BUSDInterestfreeLenderLiquitysLQTYPaxosRegulatorStablecoinSurgesToken CryptoX Portal

Stablecoin Lender Liquity’s LQTY Token Surges 45% as New York Regulator Goes After Paxos’ BUSD

The protocol runs a two-token model like MakerDAO. The difference, however, is that Liquity doesn’t have a governance system. Therefore, large holders of LQTY cannot influence decision-making. The fully-decentralized setup also means the protocol’s original design cannot be altered to introduce centralized stablecoins, which have recently come under regulatory scrutiny, as new collateral. Source