Which Coin Next After BUSD, SEC Sues Them – Crypto News – Crypto News
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Which Coin Next After BUSD, SEC Sues Them – Crypto News

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Stablecoin News: In yet another case of crypto based business going away from the United States, a huge shift in dynamics is happening in the stablecoin ecosystem after the latest action against BUSD. The shift was triggered after the New York Department of Financial Services had on Monday ordered Paxos to stop creating more BUSD. In 2019, Paxos and Binance launched Binance USD (BUSD), which is the third largest stablecoin. The SEC’s latest move came as yet another setback for the cryptocurrency market, which was already feeling the heat from the recent SEC action on Kraken’s crypto staking service,

Also Read: US CPI Data To Set The Tone For Crypto Market This Quarter? Here’s Why

After the order against BUSD, the stablecoin’s market cap saw a sharp decline of 1.30% in the space of few hours. Meanwhile, fears of further action on other stablecoins are leading to traders making their bets on safer choices within the ecosystem.

USTC’s Circle To Be Next Under Scanner?

In an interesting trend, Circle, the US based company behind stablecoin USDC is apparently preferred as a risky proposition in terms of regulatory action. On the contrary, USDT issuer Tether, which belongs to Hong Kong based iFinex, is considered a safer option. This clear trend is seen on-chain as more and more traders are preferring to park assets in USDT rather than USDC. Market insiders believe this is causing damage to the US market’s reputation in terms of adopting innovation.

Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @BitcoinReddy and reach out to him at [email protected]

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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