BUSD Developments Benefit Tether
When we look at the crypto money sector, we see 3 products as BUSD, USDT and USDC as stablecoins indexed to the US dollar. Many crypto investors who do not trade altcoins with BTC parity are protecting these 3 stablecoins. Recently, the US New York regulator and the US Securities and Exchange Commission (SEC) banned the new BUSD issuance of Paxos, the US issuer of BUSD. Following this development, Binance CEO CZ stated that the market value of BUSD will gradually melt. As of now, it seems that the popular exchange is looking for a new stablecoin. Although CZ said that the market value of BUSD would gradually decline, the whales momentarily exited the stablecoin named BUSD after these developments.
Although the market value of BUSD is still very high, it is expected that this value will continue to decrease in the coming period. Most of the funds from BUSD are transferred to Tether (USDT). The increase in Tether’s market value can be considered a positive metric for the industry. Whales and individual investors turn to Tether (USDT), which has become one of the basic building blocks of the industry in case of any bad event.
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