Binance CEO CZ Calls Attention to USDT’s Growing Market Cap
- Changpeng Zhao recently pointed out the irony in the winding down of Binance USD (BUSD).
- The Binance chief highlighted the crackdown on BUSD despite being regulated by the NYDFS.
- Zhao also highlighted the growing market cap of USDT amid USDC’s shrinking market cap.
Changpeng Zhao, the man behind the world’s largest crypto 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 in the winding down of Binance USD (BUSD), despite it being the “most fiat-backed stablecoin.”
#BUSD, the most fiat-backed stablecoin, audited by big audit firms, regulated by the NYDFS, was forced to wind down (no new minting).
— CZ
USDC is shrinking in market cap too due to bank closures.
USDT is growing. pic.twitter.com/q5OYQdpAtWBinance (@cz_binance) March 21, 2023
Zhao’s tweet further stated that BUSD was issued by Paxos Trust Company, a stablecoin firm that was regulated by the New York Department of Financial Services (NYDFS) and audited by big accounting firms. However, these factors didn’t come in handy when Paxos was ordered to stop issuing the stablecoin last…
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