USDC supply stabilizes following Silicon Valley Bank bank woes as tether cements its stablecoin dominance
There are also concerns regarding the health of the Cameron and Tyler Winklevoss-founded crypto exchange, Gemini. The twins recentlyGemini also acknowledged last month that a"limited number" of customers' email addresses and partial phone numbers wereTether is increasing its stablecoin dominance
Circle's woes, Binance's regulatory concerns and Gemini's struggles have only bolstered demand for tether, the foremost dollar-pegged stablecoin. After starting the year with a 32% share of the total Ethereum stablecoin supply, USDT now accounts for almost 43% — an increase of more than 10 percentage points. The supply of tether on the prominent blockchain increased from 32.3 billion to 35.3 billion in that time.an attestation report and claimed its assets exceeded its liabilities. It also reported a net profit of $700 million for the fourth quarter of 2022.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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