Crypto reporter Martin Lee reports massive USDC growth on Binance exchange. Additionally, Tether (USDT) has witnessed significant growth following the regulatory scrutiny the stablecoin market has faced. Meanwhile, as a last-minute development, Paxos CEO Charles Cascarilla has offered to defend Binance USD in court.
“I was impressed by the huge USDC increase on the Binance exchange!”
Crypto reporter Martin Lee shared that he was impressed by the massive USDC surge on Binance following the ‘BUSD news’. He stated that Binance has observed 1.5 billion USDC growth in just the last 7 days.
Additionally, Lee added a picture showing the rise in the value of USDC on several major crypto exchanges, including Binance, OKX, Uniswap, and more. According to the image, USDC saw $3,128,538,795, while USDT totaled $1,722,716,114. Similarly, on Uniswap, USDT hit $216,642,177 while USDC hit $785,885,600. However, OKX noted that USDC reached $206,144,859, with USDT leading at $2,665,744,271. Meanwhile, Bybit, Curve.fi, KuCoin, Crypto.com and Pulsex are at $74,202,898, $466,367,456, $116,361,235, $410,222,657 and $105,283,431 in USDC, according to Lee’s tweet. recorded.
Stablecoins have recently caught the latest regulatory FUD. BUSD has been the most affected stablecoin, while others have been significantly unaffected. It looks like USDC was almost the next victim and things could get worse. Many cryptocurrency companies have had to reevaluate their tactics in the United States recently due to government pressure. Among them is Binance, which is said to have cut ties with US-based businesses like USDC’s issuer Circle.
However, Changpeng Zhao, CEO of the leading cryptocurrency exchange, responded ‘False’ to a tweet claiming that Binance was considering delisting all US-based cryptocurrencies. Following the recent regulatory scrutiny the stablecoin market has faced, USDT, the world’s largest stablecoin, has witnessed tremendous growth. cryptocoin.com As we reported earlier, the New York-based Paxos Trust Company, which issues Binance’s stablecoin BUSD, announced that it will stop issuing new tokens after US regulators label it a unregistered security. The move has led investors to question the future of stablecoins.
USDT and USDC gain momentum after BUSD crash
Market leader USDT saw a significant increase in market capitalization, adding $1.9 billion to $70.3 billion. Meanwhile, the market cap of BUSD fell from $16.1 billion to $12.9 billion, while its market share fell from 12.1% to 9.4%. The impact of BUSD’s regulatory issues on the broader crypto market was minimal, with Bitcoin rising 14% to $24,902 last week. The market appears to have adjusted, although some uncertainty remains regarding the impact of the SEC’s decision on other stablecoins.
Vetle Lunde, an analyst at Arcane Research, believes the decision is not expected to produce any significant major structural changes in the market at this time. However, sanctioning against USDC or non-US-based USDT could have far-reaching consequences. Also, the buzz surrounding Binance’s stablecoin has helped boost trading volume on other exchanges as well. According to data analytics firm Kaiko, since February 1, Binance’s bitcoin liquidity has decreased by over 30%, while that of Coinbase in the US has increased by about 15%.
Stablecoins continue to be a driving force in the cryptocurrency industry, providing access to large and obscure crypto assets, tokens and assets. However, the decline in BUSD’s dominant status due to regulatory issues may cause USDT to rebound. As the market continues to change, it is not yet clear which stablecoin will emerge as the dominant force.
Paxos CEO offers to defend Binance USD in court
In the latest development on the Binance USD (BUSD) section, it appears that Paxos CEO Charles Cascarilla is actively engaged with the US Securities and Exchange Commission (SEC) on the latest restrictions on stablecoin issuance. The New York Department of Financial Services recently ordered Paxos to cease issuing BUSD. The company later said it categorically disagreed with the SEC’s view that BUSD is not a security under Federal securities law. Adhering to the same argument, Cascarilla said in an internal communication that the company will defend its position in the courts that BUSD is not a security, through litigation.
According to a Reuters report, an email recently sent to employees by the CEO of Paxos noted that the company is holding constructive talks with the SEC. However, it is not yet clear how the two sides will come to the conclusion of the talks. The report quoted Cascarilla as saying:
We are having constructive talks with the SEC. If necessary, Paxos will defend its position that Binance USD is not a security through litigation.
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