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According to an official announcement on June 23, Binance.US announced that it has worked with its banking partners to resolve nearly all delayed USD withdrawal requests. The crypto exchange will complete most USD withdrawal requests within the normal timeframe of 5 business days or less. It also suggests users to resubmit failed withdrawal requests as systems are operating normally. advertisement “We are incredibly proud to uphold our commitment to you and look forward to serving you as a crypto-only exchange. To prepare for this transition, we wanted to share some important changes that you should know about.” Also Read: Elon Musk-Mark Zuckerberg “Cage Fight”: Everything You Need To Know Binance.US Expects Banking Partners May Terminate USD Withdrawals in the Future Despite USD withdrawals working normally, Binance.US expects banking partners could terminate USD withdrawals or off-ramp services in the future. Meanwhile, the exchange l...

At a time when USDT is touching new market cap highs, the other stablecoins are struggling to keep their market dominance. Tether-issued USDT (USDT) stablecoin broke past a new all-time-high market cap of over $83 billion as it continues its stablecoin market dominance. The new ATH market cap for the USDT stablecoin comes in a year when other stablecoin issuers are struggling to remain afloat due to regulatory ire. The same was pointed out by cryptocurrency exchange Binance’s CEO Changpang Zhao aka CZ. Tether USDT market cap chart. Source: Coinmarketcap CZ in a quote tweet drew attention towards BUSD, a Binance stablecoin issued by Paxos. The Binance CEO said that “BUSD was a fully regulated stablecoin that was ‘capped’ by NYDFS at a $23 billion and currently sits at a $5 billion market cap and since then USDT has seen tremendous growth.” BUSD, a fully regulated stablecoin, was "capped" (no new minting) by NYDFS at $23b. Now at $5b market cap. Since then, USDT has seen t...

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...