Tether $USDT keeps growing, while $BUSD shuts down, here's why, per VanEck's gaborgurbacs. cz_binance $USDC
Head of Binance Changpeng Zhao, widely known in the crypto space as CZ, took to Twitter to offer a reminder that USD-backed stablecoin BUSD, which Binance launched in September 2019, is no longer minted but remains in circulation. It happened at the end of February afterBUSD was released on ERC-20 and also supported the BEP-2 token standard on BNB Chain.
In his tweet, CZ shared a screenshot of a USDT chart from CoinMarketCap , stating that this popular USD-pegged stablecoin keeps increasing in terms of market capitalization, whileand USDC's market cap is shrinking because of the recent crashes of several major crypto-friendly banks. At the time of this writing, the overall market capitalization of USDT constitutes $77,574,810,897, while for USDC it shrunk from $42 billion at the beginning of March to $35,237,609,420 at press time.USDT started this month with a market cap of slightly over $71 billion, and by now it has grown to $76,974,469,336. As for BUSD, its market cap has not shrunk much yet. It has lost roughly one billion USD since the start of the month to the current $8,117,347,137.
He reminded CZ that Tether learned this lesson earlier, after many lawsuits and subpoenas made by regulators. This drove the crypto company to make the U.S. its lowest priority."That's one of the reasons why Tether is growing," he stated. U.S. regulators don’t support stablecoins or crypto companies despite all the virtue signaling. Tether learned this earlier than others through various battles and hence deprioritized the U.S. That’s one of the reasons why Tether is growing.Currently, there are many chains that USDT is minted on, including Ethereum, Tron, Solana and EOS. Besides, USDT is backed not only by the U.S. dollar but also by the euro, Chinese yuan and gold.
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