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Tether’s (USDT) stablecoin market share is approaching 50% for the first time since December 2021 and is once again consolidating as cryptocurrency’s most popular pegged token. The largest stablecoin issuer now has a $68.4 billion circulating provide, an increase of around 3%, after deploying an additional $2.4 billion USDT this year.
Whale Alert took to Twitter and revealed that stablecoin issuer Tether has added an additional billion USDT. The moral news around Tether comes at a time when Paxos has stopped issuing Binance’s BUSD.
It has been reported that the SEC intends to sue the company for breaking investor protection regulations. BUSD has also been tagged as unregistered security by the SEC. With a $16 billion market cap at the time of writing, BUSD is the seventh-largest cryptocurrency by market value.
The Consolidated Reserves Memoir (CRR) for Tether as of December 31, 2022, was examined in BDO’s unbiased accountant narrate, which was made public on February 8th. The CRR confirmed that Tether boosted its allocation for US Treasury Bills, which now account for 58% of its assets whereas decreasing its secured loans by $300 million.
Despite the crypto iciness that resulted in the collapse of several companies in the sector in Q4 2022, the company nevertheless managed to make more than $700 million in gather earnings, according to Tether CTO Paolo Ardoino.
He said, “Tether demonstrated a superior approach to danger management that allowed [it] to maintain its leadership whereas consolidating earnings. Having a safe, conservative, and profitable industry that doesn’t require begging for funds from VCs has been always the primary point of curiosity of Tether.”
The cryptocurrency market has long been consumed by the fireplace of the securities debate, and it reveals no indicators of stopping any time soon. This all began when Ripple, the company that created XRP, was sued by the SEC.
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Qadir AK
Qadir Ak is the founder of Coinpedia. He has over a decade of abilities writing about technology and has been preserving the blockchain and cryptocurrency space since 2010. He has also interviewed a few renowned experts within the cryptocurrency space.
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