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

Published 02/16/2023, 05:10 AM
Updated 02/16/2023, 06:40 AM
USDT/USD
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The United States Securities and Exchange Commission (SEC) plans to sue Paxos for issuing and listing its Binance USD (BUSD) stablecoin, benefitting its top-rival, Tether (USDT), whose market capitalization has risen to multimonth highs.

The SEC claims that BUSD, a U.S. dollar-backed stablecoin, is a security, noting that Paxos has violated investor protection laws by white-labeling it.

BUSD circulating supply. Source: Messari
USDT circulating market cap. Source: Messari
Tether Reserves breakdown. Source: Tether.to

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