Binance CEO spoke about the growing market capitalization of USDT

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Changpeng Zhao, the man behind the world’s largest cryptocurrency exchange, Binance, took to Twitter earlier today to point out the current environment in the stablecoin market. The Binance CEO began by pointing out the irony of the Binance USD (BUSD) liquidation, despite it being the “most fiat-backed stablecoin.”

Zhao’s tweet further indicated that BUSD was issued by Paxos Trust Company, a stablecoin firm regulated by the New York Department of Financial Services (NYDFS) and audited by large accounting firms. However, these factors were not helpful when Paxos was ordered to stop issuing the stablecoin last month.

Changpeng Zhao stressed that, amid the Paxos and BUSD crackdown, the world’s largest stablecoin, Tether USD (USDT), was able to increase its market capitalization by more than 9%. Since BUSD minting was suspended on February 21, the USDT market capitalization has grown to a whopping $77 billion.

Meanwhile, BUSD’s market cap has taken a massive hit, shrinking by more than 37% over the same period. At the time of writing, the stablecoin had a market capitalization of $8.1 billion. The recent turmoil in the banking industry has left another stablecoin struggling in its wake.

The Binance founder drew attention to the USD Coin (USDC) situation, which took a hit thanks to the fall of Silicon Valley Bank (SVB) last week. The stablecoin briefly lost its peg to the US dollar and traded as low as 80 cents. Changpeng Zhao stated that USDC’s market capitalization was also declining due to bank closures. The stablecoin’s market capitalization has fallen more than 18% since March 10, when SVB crashed.

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