▫️Tether (#USDT) occupies 2/3 of the entire stablecoin market, according to data from The Block . In 2023, the company’s share in this segment increased from 50% to 71%.
As of today, the market capitalization of the #USDT issuer is $95 billion. This is more than the GDP of some countries, such as Guatemala and Bulgaria. Tether’s largest competitor, USD Coin (USDC) by Circle, has a capitalization 3.7 times smaller, at $25.4 billion. Tether recently underwent a change in leadership, with former Chief Technical Officer Paolo Ardoino taking over the company. He actively collaborates with law enforcement and regulators, freezing #USDT in sanctioned wallets and drawing law enforcement attention to the platform.
I believe regulators may increase their scrutiny of the stablecoin market, especially given Tether’s dominance. A large market share may attract authorities’ attention to stability, transparency, and security issues. This could lead to new regulatory measures and standards for managing stablecoins. On the other hand, with increased attention from regulators and competitors, Tether may be forced to improve its practices in transparency and security. This, in turn, could increase user trust in stablecoins overall.
▫️Altcoins: The listing of Magic Square (#SQR) on the PancakeSwap DEX led to a 24% increase in #SQR (to #USDT).
The announcement of the upcoming launch of the second version of the staking program for the Houdini Swap DEX (#POOF) caused a 22% rise in #POOF (to #USDT).
Ahead of the grant program vote for Taraxa platform developers (#TARA), the value of #TARA increased by 20% (to #USDT).
▫️Cryptocurrency market capitalization decreased by 1% in the last 24 hours, and Bitcoin dominance increased by $0.15. The primary scenario of a rebound in #BTC to the $45,000 trading level in the near future remains valid.