Binance CEO CZ reconsidered the new BUSD token issuance ban blocked by NYDFS in February. He drew attention to what happened in 3 stablecoins after the regulations.
Binance CEO says regulations are wreaking havoc
In February, the New York Department of Financial Services (NYDFS) ordered Paxos, the company authorized to issue BUSD, to cease new token issuance. NYDFS’s move came shortly after the SEC issued the Wells Statement on Paxos. cryptocoin.com As we reported, there were a number of negative developments surrounding BUSD afterwards:
In his most recent tweet, CZ drew attention to the current state of stablecoins following decisions made by US regulators. He said that USDT minted by Tether is the biggest winner. In his statements, he also stated that BUSD deliberately blocked:
BUSD, the most fiat-backed stablecoin regulated by NYDFS, overseen by major audit firms, has been forced to slow down.
USDC is also shrinking in market value due to bank closures.
USDT is growing.
Tether (USDT) market cap exceeds $70 billion
The lawsuits filed by US regulators NYDFS and SEC caused BUSD to lose significant volume. After the news on February 13, the BUSD market cap had lost roughly $2 billion, down to about $14 billion as of February 16. This is also the lowest level since January 2022.
Regulatory pressure has been a boon for Tether, which has a market cap of over $69 billion. The data shows that nearly $890 million in inflows since February 12 increased Tether’s dominance to 51.25% as of February 15. USDT is currently the largest cryptocurrency in the recent market from Bitcoin and Ethereum.
In summary, BUSD is currently pulling away from the top 10 by market cap. As CZ mentioned, another stablecoin, USD Coin (USDC), is also in crisis. Circle, the company behind USDC, announced that it is one of the biggest partners of bankrupt bank SVB. It later became one of the coins that lost price stability in USDC.
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