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Cryptoverse: Tether tightens grip on wobbling world of stablecoins

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Seismic shifts may be afoot in the $137-billion market after New York-based Paxos Trust Company, which mints Binance’s stablecoin, said it would cease issuing new BUSD tokens after U.S. regulators labeled the asset an unregistered security. | Reuters

“There’s way too much demand for dollar-based stablecoins for them to go away,” said Alex Miller, CEO at bitcoin developer network Hiro.

Market leader tether has been a big beneficiary, adding $1.9 billion to its market capitalization to hit $70.3 billion since the news. It now commands 52.6 percent of the stablecoin market, up from just over 51 percent. Markus Thielen, head of research and strategy at crypto firm Matrixport, said the Paxos announcement and subsequent slump in BUSD had caused a big shift in the stablecoin market.Broader crypto market impact also seems to have been contained with bitcoin rising 14 percent over the past week to $24,902, shrugging off worries that central banks will keep raising rates.

“While BUSD is used in DeFi, it is not systemically important to the ecosystem,” Kaiko’s Riyad Carey said.The developments around Binance’s stablecoin have also boosted trading on competing platforms; since Feb. 1, Binance’s bitcoin liquidity is down almost 30 percent while U.S.-based Coinbase’s is up nearly 15 percent, according to Kaiko.

Source: News Formal (newsformal.com)

 

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