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Tether Market Cap Nears $70B As SEC Crypto Crackdown Hurts Stablecoin Rivals

The U.S. Securities and Exchange Commission (SEC) wants to sue Paxos for issuing and listing stablecoin Binance USD (BUSD) to the benefit of its top-rival stablecoin Tether (USDT), whose market capitalization has risen to multi-month highs. 

At the same time, USD Coin (USDC), the second-largest stablecoin by market capitalization, has also witnessed capital outflows in reaction to the SEC crackdown news.

The regulatory crackdown on U.S.-based stablecoin firms has been a boon for top-stablecoin Tether, whose market cap has jumped over $69 billion.

Nearly $890 million of inflows since Feb. 12 has pushed Tether's market dominance to 51.25% as of Feb. 15, data shows.

(By YASHU GOLA)

Get the latest news here: Cointime channel — https://t.me/cointime_en

Tether USDt Tether USDt $1.00
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