CoinDesk Consensus

Binance CEO Changpeng “CZ” Zhao highlighted how Tether’s USDT has grown amidst the problems plaguing its rivals.

March 21st Tweet, Zhao explained that Binance USD (BUSD) has been forced to suspend other mints despite being regulated by New York authorities and audited by a “major audit firm.” According to him, BUSD was “the most fiat-backed stablecoin.”

Binance’s CEO also mentioned how recent banking issues involving crypto-friendly banks such as Silicon Valley Bank and Signature Bank have affected USD Coin (USDC). He added:

“USDC is also shrinking in market cap due to bank closures.”

USDT Supply Nears 80 Billion

Following the problems plaguing rival stablecoins, USDT supply has grown by more than 10% over the past 30 days to reach $76.97 billion. crypto slate data.

For context, on-chain detective Lookonchain Said Tethermint 5 a billion USDT token Tron and Ethereum blockchain network Last 7 days. This coincided with USDT supply hitting his 10-month high, boosting its market dominance to around 58%.

In addition to USDT, TrueUSD (TUSD) has grown significantly over the past 30 days. During this period, a little-known stablecoin saw massive adoption, with its supply surpassing 2 billion for the first time.

Binance also migrated zero-fee Bitcoin (BTC) trading from BUSD to TUSD on March 22nd. The exchange added that it will add TUSD to its Secure Assets Fund for Users (SAFU).

USDC and BUSD Weakness Driven by U.S.-Specific Challenges

On the other hand, USDC and BUSD supplies have fallen by more than 15% and 38% respectively over the past 30 days. crypto slate data.

The reasons for these declines vary, but the challenges facing stablecoins may be related to issues emanating from the United States.

While regulatory measures caused a decline in BUSD, the collapse of crypto-friendly institutions negatively affected confidence in USDC, resulting in the previous depeg.

Since these events, cryptocurrency investors have turned to USDT and other stablecoins.

Lynn Alden, Founder of Lynn Alden Investment Company It pointed out U.S. authorities said,allow and formalize stablecoin Domestic market share for offshore is increasing stablecoin

By Jules

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