Here is what we have for you in this article:
- Looks like the Tether market cap is blasting off to the moon.
- The SEC could be on a mission to make stablecoins unstable
- BUSD, USDC, and UST are getting squeezed into oblivion
It seems Tether has blasted off to the moon while the other stablecoins are taking the elevator down to the fiery depths of hell. In fact, the fiery volumes have made it seem like Tether’s rocket fuel is made of magic and unicorn tears. While on the other hand, BUSD and USDC are floating in an endless puddle of disappointment and broken dreams. Who knew stablecoins could be so volatile?”
The Securities and Exchanges Commission is on a mission to sanitize regulation
One would think the SEC is on a mission to make stablecoins unstable. I asked myself whether Gary Gensler was a man on a mission, As head of SEC, he’s tightening the screws so hard, and as result, the rest of stablecoins are getting squeezed into oblivion. It’s like watching a game of Jenga, but instead of pulling out blocks, the SEC is just pushing stablecoins off the table. And the winner is Tether (USDT) because everyone else is too busy trying to stay afloat in a sea of regulation.”
Had the SEC been a ruler in the olden days, they would have been a battalion of brave knights with the task of dragon slayers. Yet instead of using swords and knives, they’d serve every form of economic livelihood with legal briefs and subpoenas. Once comes the dreadful news of the dragon Paxos which dared to issue Binance US without permission from the SEC.
The SEC knights are not happy about this, as they have always believed they possess the power to regulate stablecoins. When Paxos issued and listed BUSD, the SEC lost it and condemned Paxos to a life of bankruptcy for breaking sacred financial laws and putting the entire system at risk. As a result, BUSD’s market cap has lost roughly $2 billion since the news broke out.
BUSD Market cap decline data by BlockWorks
Tether Astronomical 51.25% dominance
Looks like Tether is the king of the stablecoin castle, with a market cap that’s now over $69 billion according to Blockworks Data. It’s almost like the other stablecoins are peasants, bowing down to their new overlords. Tether’s power is growing stronger with each passing day, and it’s starting to look like they’ll soon have the entire kingdom under their rule.
Perhaps Tether’s secret weapon is the printer they keep in their basement, churning out new USDT tokens faster than a medieval scribe writing by hand. Or maybe they’ve made a deal with the devil, trading their souls for an endless supply of liquidity. Whatever their strategy is, it seems to be working like a charm.
Tether (USDT) market cap by Blockworks
And the other stablecoins? Well, they’re not sure what to do. They’ve tried to compete with Tether, but it’s like trying to fight a dragon with a toothpick. They’re just not as big, not as powerful, and not as popular.
Some speculate that Tether’s 51.25% dominance is a sign of USDT’s golden reign, with nearly $890 million in inflows since Feb 12. But others are more optimistic. They believe that Tether’s rise is just the beginning and that it’s paving the way for a new era of stablecoin innovation and creativity.
Only time will tell which side is right. But one thing’s for sure: Tether’s dominance is no laughing matter. Unless, of course, you’re a stablecoin jester, in which case, you’re probably making jokes about it as we speak.
USDC supply plummets to $40 billion
Well, folks, it looks like the USD Coin market cap is taking a nose dive, plummeting faster than a lead balloon. It’s almost like the other stablecoins are watching from the sidelines, Tether is sipping some mint juleps and laughing at USD Coin’s misfortune. The market cap for USDC dropped by 25% from a peak of $56 billion in June 2022.
Making the stablecoin seem as if stability is a joke. While Tether is the everything bagel with a schmear of cream cheese. Who wants a joke when you could have better?
Others speculate that USD Coin is just having a midlife crisis, questioning its purpose and place in the world. Maybe it’s time for USD Coin to trade in its khakis for a leather jacket and a motorcycle, and start living life on the edge.
But in all seriousness, it’s tough out there for a stablecoin. The competition is fierce, the regulatory landscape is uncertain, and the market is fickle. Who knows what the future holds for USD Coin? Maybe it’ll make a comeback, rising from the ashes like a phoenix. Or maybe it’ll fade away into obscurity, like a pop song from the ’90s.
All we can do is wait and see. In the meantime, let’s all raise a glass to USD Coin, for all the memories it’s given us, and for all the stability it’s brought to the crypto world. Cheers, USD Coin. Here’s to hoping your next chapter is more exciting than your last.
