Tether’s USDT Gets $1 Billion in 24 Hours as US Regulators Crack Down on Crypto
- Some trading firms are moving out of rivals USDC and BUSD
- Tether’s USDT is attractive because token is based outside US
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The regulatory crackdown on cryptocurrencies is proving a boon for a token that’s located outside the US and being scrutinized over the transparency of its reserves.
Tether Holdings Ltd’s USDT — the world’s largest stablecoin — increased its market share by about $1 billion in the past 24 hours alone, as some traders move their holdings out of rivals following a series of enforcement drives by financial watchdogs in the US.