Tether (USDT) market cap breaks ATH, Binance CEO points at regulatory caps

The Tether (USDT) stablecoin has struck a brand-new all-time-high (ATH) market capitalization of over $83 billion as its market supremacy continues. Source: CoinMarketCapThe lengthened bear market of 2022 took its toll on both stablecoins, with declines in their market caps after the June 2022 highs. USDT has managed to bounce back with greater market dominance, while USDCs market cap has been cut almost in half.Related: Are stablecoins securities?

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The Tether (USDT) stablecoin has struck a new all-time-high (ATH) market capitalization of over $83 billion as its market supremacy continues. The new ATH is available in a year when other stablecoin issuers struggle to survive due to regulative troubles. The exact same was explained by cryptocurrency exchange Binances CEO Changpeng “CZ” Zhao.USDT market cap chart. Source: CoinMarketCapIn a tweet, CZ drew attention to Binance USD (BUSD), the Binance-branded stablecoin released by Paxos. The Binance CEO stated BUSD, a completely regulated stablecoin, was “topped” by the New York Department of Financial Services (NYDFS) at $23 billion and presently sits at a $5 billion market cap, and ever since, USDT has seen tremendous growth.BUSD, a completely managed stablecoin, was “topped” (no brand-new minting) by NYDFS at $23b. Now at $5b market cap.Since then, USDT has seen remarkable growth. https://t.co/KqBkDK71WS— CZ Binance (@cz_binance) June 1, 2023

For context, at one point, USDCs market dominance was nearing that of USDT, with its market cap reaching an ATH of $55.8 billion in June 2022. Source: CoinMarketCapThe prolonged bear market of 2022 took its toll on both stablecoins, with declines in their market caps after the June 2022 highs. USDT has managed to bounce back with greater market supremacy, while USDCs market cap has been cut practically in half.Related: Are stablecoins securities?