Tether USDT market cap breaks ATH, Binance CEO points at regulatory caps
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The Tether (
The prominent reason for the decline in the market share of other stablecoins can be attributed to regulatory scrutiny by United States regulators and the U.S. banking crisis. After a ban on new minting of BUSD for security violations, its market cap dropped rapidly as users started to convert their BUSD to other stablecoins.
Similarly, for USDC, the major crisis came from the Silicon Valley Bank collapse, where the stablecoin issuer held about $3.3 billion in reserves. This led to market panic and a subsequent depegging from the U.S. dollar. Although USDC regained its peg the next day, it took a significant toll on its market cap, with many users converting their USDC to other stablecoins in fear of a total crash.
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