USDT Remains 'Un-Tethered' Against USDC and BUSD
The banking crisis that gripped the United States, had a domino effect on stablecoins, particularly on Circle’s USDC. Investors flocked to rival stablecoin Tether (USDT) as USDC’s value fell below the $1 mark. Although the asset has regained its dollar peg, the market cap of the project has significantly decreased. USDC is not the only stablecoin to face issues. In mid-February 2023, Binance’s BUSD stablecoin issued by Paxos saw the end of its issuance. The U.S. Securities and Exchanges Commission (SEC) cited Paxos Trust for failing to declare the Binance stablecoin as a security. BUSD has been identified by the SEC as an unregistered security, with all the potential legal ramifications that could ensue. The New York Department of Financial Services ordered Paxos Trust Co. to stop printing any more BUSD. With two large players in the stablecoin industry out of the way, Tether ( USDT ) has managed to attract a significant clientele from both platforms. According to data from CryptoS...