2023 has been a great year for Tether so far.
). That is due to crypto traders' belief that Tether's operations have no exposure to the potential banking crisis contagion.
For instance, the circulating market capitalization of the USD Coin, the second-largest stablecoin, has dropped over 25% YTD to $31.82 billion, its worst since October 2021, primarily due to itsBUSD, on the other hand, has witnessed a 60% drop in market capitalization in 2023 to $6.68 billion, its lowest since April 2021, as the New York Department of Financial Services Moreover, the U.S. Securities and Exchange Commission asserts thatConversely, the U.S.
This capital shift likely helped Tether boost its dominance above 65% in the global stablecoin sector for the first time since May 2021, according to Glassnode data.On April 16, the U.S. House Financial Services Committee published a of its potential stablecoin bill to create definitions for issuers. It says that non-U.S. firms like Tether must register if they cater to Americans, albeit without mentioning the specific agency that would regulate stablecoins.Despite Tether's market capitalization growth, its supply across crypto exchanges has been declining in 2023.As of April 16, cryptocurrency exchanges had 12.94 billion USDT in their reserves compared to 17.89 billion USDT at the year's beginning.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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