Binance CEO says the stablecoin landscape is shifting

  • The market cap of Binance USD (USD) stablecoin has declined by $2.45 billion.
  • Over $2.37 billion has moved from BUSD to Tether (USDT).
  • USD Coin (USDC) has also seen its market cap shrink by about $739 million amid the regulatory events of the past few days.

Binance CEO Changpeng ‘CZ’ Zhao says the Tether has benefited most from the recent regulatory action against Binance USD (BUSD) and its issuer Paxos. But CZ reiterates that Binance does not issue BUSD.

Over $2.37 billion has moved from BUSD to USDT

As the negative impact of the order stopping Paxos from issuing BUSD jolted the crypto market, the flow of funds from the Binance branded dollar-pegged stablecoin ended with the USDT market capitalization gaining as BUSD’s declined.

In a tweet on Friday, Zhao noted that BUSD’s market cap had so far declined by over $2.45 billion and that most of it has gone into Tether’s stablecoin. The Binance chief noted that at least $2.37 billion in BUSD value had moved to USDT as traders sought to move capital from the Paxos-issued token.


According to Zhao, there’s a shift in the stablecoin market and the rotation of capital into the world’s largest stablecoin is an indication of that change.

While BUSD had managed to regain its dollar peg as of writing, the negative view following the regulatory crackdown means traders see USDT as the better alternative. 

Tether’s release of another $1 billion of USDT recently points to this outlook and as Zhao acknowledges, even USD Coin (USDC) has seen its market cap drop by over 739 million over the past few days.

Meanwhile, Binance has reportedly minted $50 million of True USD (TUSD) stablecoin, helping to push the price of TrueFi (TRU) higher. At the time of writing, the token was trading at $0.084, having gained a massive 88% in the past 24 hours.

All Dutch and English crypto news!

Coinbase stock down 25% as regulators move in and crypto environment worsens again

Key Takeaways Coinbase was issued with a Wells notice this week and now awaits formal charges from the SEC Regulators continue to move in on US crypto...

Dit is hoe je kans maakt op 62 Bitcoin (hint: zoek een goed reisbureau)

Bij BLOX houden we wel van een goede marketingstunt. Een bedrijf genaamd LunarCrush heeft plannen aangekondigd om 62 Bitcoin te verstoppen op de maan. Of...

How Montana stands to benefit if its pro-crypto mining bill is approved

The Montana Senate recently passed a bill designed to protect crypto miners operating within the state. The proposed law, which is currently making its way...

zkSync Era launches with Uniswap and Sushi — First zkEVM on mainnet

Some of the biggest names in decentralized finance, including Uniswap, Sushi, Maker and Curve, are set to launch March 24 on zero-knowledge proof roll-up zkSync...

Beste exchanges

Koop je crypto bij Bitvavo