USDT marketcap + 2.37B (From 67.8B to 70.1B)
USDC also declined -739M (from 42.3B to 41.5B)
Landscape is shifting.
(Note: BUSD is NOT issued by Binance.) pic.twitter.com/kVrZUYjuOh
— CZ ?? BINANCE (@cz_binance) February 17, 2023
According to Zhao, there’s a shift in the stablecoin market and the rotation of capital into the world’s largest stablecoin is an indication of that change.
While BUSD had managed to regain its dollar peg as of writing, the negative view following the regulatory crackdown means traders see USDT as the better alternative.
Tether’s release of another $1 billion of USDT recently points to this outlook and as Zhao acknowledges, even USD Coin (USDC) has seen its market cap drop by over 739 million over the past few days.
Meanwhile, Binance has reportedly minted $50 million of True USD (TUSD) stablecoin, helping to push the price of TrueFi (TRU) higher. At the time of writing, the token was trading at $0.084, having gained a massive 88% in the past 24 hours.
