• Binance CEO Changpeng ‚CZ‘ Zhao comments on the recent regulatory action against Binance USD (BUSD) and its issuer Paxos, noting that the market cap of BUSD has declined by over $2.45 billion and most of it has gone into Tether’s stablecoin.
• CZ notes that at least $2.37 billion in BUSD value had moved to USDT as traders sought to move capital from the Paxos-issued token, indicating a shift in the stablecoin landscape.
• Meanwhile, Tether has released another $1 billion of USDT and Binance has minted $50 million of True USD (TUSD), helping to push the price of TrueFi (TRU) higher.
Regulatory Action Against BUSD
The market cap of Binance USD (USD) stablecoin has declined by $2.45 billion after a regulatory order stopped Paxos from issuing BUSD. Over $2.37 billion has moved from BUSD to Tether (USDT).
Binance CEO Comments On The Situation
Binance CEO Changpeng ‚CZ‘ Zhao commented on this event saying that Tether has benefited most from the situation but also reiterating that Binance does not issue BUSD. He noted that at least $2.37 billion in BUSD value had moved to USDT as traders sought to move capital away from the Paxos-issued token, indicating a shift in the stablecoin landscape.
More Money Entering The Market
Meanwhile, Tether has released another $1 billion of USDT and Binance has minted $50 million of True USD (TUSD), which is helping to push up the price of TrueFi (TRU).
Landscape Shifting
CZ noted that there’s a shift occurring in the stablecoin market and he believes this rotation of capital into world’s largest stablecoin is an indication of said change.