Tether USDT’s Market Cap Shot up by $1 Billion in a Day
Stablecoins , including Tether , were under scrutiny following the demise of Terra UST in 2022. The issue of reliability, sturdiness, and trust began to rise as the question began popping up regarding how sturdy these Stablecoins are. However, Tether has fully stood by its statement that USDT is overcollateralized. The recent scrutiny by the SEC on Paxos has affected BUSD . Paxos was asked to stop the issuance of BUSD , following which BNB slumped and BUSD lost its peg. BUSD is trading at $0.9998 at press time, as its market cap dropped by 5.62% and trading volume slumped by 13.28% in the last 24 hours. Read more: Interactive Brokers Launch Bitcoin and Ethereum Trading in Hong Kong However, the hurricane that hit BUSD seems to have benefited USDT. This is evident from the recent spike in the market cap of USDT. Source: The Daily Hodl Tether USDT’s market cap rise to $69.5 billion The improving trust in USDT and the recent BUSD event have spiked the market cap of ...