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Tether Surpasses USDC as America's Crypto Crackdown Impacts Stablecoin Ecosystem

The top two issuers in the stablecoin ecosystem are experiencing a divergence due to America's crackdown on crypto. Tether's supply has reached an all-time high of 83.36 billion USDT, while Circle's USDC has seen a decline in demand and market share.

The total stablecoin market capitalization is currently $129.3 billion, representing almost 12% of the entire cryptocurrency market capitalization. Binance has seen an increase in the flight to safety from exchanges following the SEC's enforcement action, but investors should not read too much into outflow figures from analytics platforms.

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