The US Securities and Exchange Commission (SEC) issued an Wells notice to BUSD issuer Paxos in the beginning of this month. The notice was issued after Binance chief executive, Changpeng Zhao (CZ) has announced the news, the second – and third largest stablecoins have seen a variety of fluctuations.
According to the data from Glassnode according to Glassnode’s data, the quantity of USDC sending addresses, including a seven-day median , has dropped to 1,384.976 close to the lowest in two months. USDC’s market cap dropped to around $40.8 billion in the week of Valentine’s Day, a day after CZ’s tweet on the Wells announcement.
As of the date of this article the market cap of USDC is about $42.7 billion, as per CoinMarketCap information.
In a similar manner, the volume of BUSD transfers, including the seven-day median average, has dropped to five-month lows, around 85.720 According to Glassnode. According to the data provider the last five-month low “was observed” on Oct. 25 2022.
However the mean transaction volume (MTV) in BUSD increased up to $886.3 million, a record for the eight months according to Glassnode. The data shows that the prior eight-month record was reached on August. 23rd, 2022 at $880.9 million.
CMC data indicates that BUSD’s market capitalization has fallen to $10.8 billion, a decrease of almost $6 billion since the time announcement of notice of SEC Wells notice. The stablecoin issued by Paxos has consistently declined in terms of capitalization over the past two weeks.
On February. 24 The CEO of Circle, the USDC company that issues the USDC, Circle, Jeremy Allaire declared it was the SEC “is not the right regulator” to oversee stablecoins. Allaire stated that banks regulators might be an alternative to monitor an asset class.
