Tether (USDT) is the only top U.S. dollar-pegged crypto asset to rise as the controversy over the third-largest stablecoin, Binance USD (BUSD), rises. According to CoinMarketCap data, the stablecoin market capitalization is also rising.
On February 13, the US Securities and Exchange Commission (SEC) issued a Wells Notice to BUSD issuer Paxos.
Binance CEO Changpeng Zhao (CZ) said BUSD was “not issued by Binance,” adding that Paxos only uses its brand name for stablecoins.
Due to recent actions, USD Coin (USDC) and BUSD have witnessed significant market cap losses over the past seven days. However, the largest stablecoin, USDT, has earned almost $1 billion.
![BUSD Drama Makes Room for USDT to Raise Another Billion - 1](https://crypto.news/app/uploads/2023/02/USDC-market-cap-Feb-15-1024x495.png)
USDC market cap fell from $41.56 billion on February 8 to $40.84 on February 14, according to CMC data. Total assets were revised to $41.39 billion, but market capitalization fell to around $41 billion in just 12 hours. February 15th.
![BUSD Drama Makes Room for USDT to Raise Another Billion - 2](https://crypto.news/app/uploads/2023/02/BUSD-market-cap-Feb-15-1024x492.png)
Similarly, the market cap of BUSD plummeted from $16.15 billion on February 13th to $15.21 billion on February 15th. That’s the lowest level in 13 months, according to CMC data. The stablecoin DAI issued by MakerDAO is also trending downward from $5.8 billion on February 10th to $5.2 billion on February 15th.
![The BUSD Drama Made Room for USDT to Raise Another Billion - 3](https://crypto.news/app/uploads/2023/02/DAI-market-cap-Feb-15-1024x497.png)
Meanwhile, USDT’s market cap has increased by $1.34 billion over the past week. He surged from $68.19 billion on February 8 to about $69.53 billion at the time of writing.
![The BUSD Drama Has Made Room for USDT to Raise Another Billion - 4](https://crypto.news/app/uploads/2023/02/USDT-market-cap-Feb-15-1024x488.png)
Additionally, the stablecoin market cap has increased by 0.25% over the past 24 hours, surpassing $137.35 billion, according to CMC data.