The FTX light switch was flipped, rest of the insanity falls just like a domino.
If you missed crypto news or didn't connect the dots, Stablecoins are burning. SEC's attempt to furthermore destroy confidence in them by attacking Binances BUSD did not bring the expected results.
USDT
I'm probably not educated enough to say unequivocally if Tether is a steaming pile of garbage, a legitimate, covered Stablecoin, or something in the middle. But it is now obvious that it would be the next target of regulators.
Tether with an almost 72 billion dollar cap currently #3 in terms of market capitalization, is also #1 in terms of 24H volume. With almost 40 Billion dollars shuffled around daily, USDT is a behemoth in the field of Cryptocurrencies.
We can only dream about how devastating the sudden death of USDT would be.
USDC
But if there is a competitor for the place of USDT, then it's Circles USDC.
What seems to be a tradition for massive stablecoins issuers is the shadowy practices. Circle is well known to be digging under its competition and also it keeps tight relations with regulators.
The Guy from Coin Bureau made two interesting videos about "aggressive expansion tactics" used by Circle, and also their connections to colossal funds like Blackrock or Goldman Sachs.
It may be only a coincidence that the regulators do not attempt to fight USDC, but it sounds like a tight-knit story.
Are the voices in the community speaking about a huge conspiracy that involves FTX's alleged purpose to destroy crypto exchanges' reliability in eyes of investors, but also many recent attacks on Binance that serve a similar job right?
There are many dots to connect and the whole story becomes less unreal, day by day.
For some, this may sound like the rant of a madman but I guess that only time will tell.
Or maybe it's part of a natural cleansing cycle that will leave crypto with only fair projects?
Be safe out there, the murky waters of crypto are restless nowadays, and alertness is highly recommended.
What are your thoughts? Share them in the comments.
None of the information in this article should be considered financial advice, it's my analysis and facts I wanted to share with this wonderful community.
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addr1qxsktm5j0yusx00gg9735lrn7ada94n63dvy9g76nn5phms68c08evhlqngru7785nlh6qc20ll700v4pqtqktet3wkqwy07f5 - Cardano
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