Tether (USDT) Hits Record Market Cap of Over $85 Billion
If you’ve been keeping an eye on the crypto market, you’ll know that Tether (USDT) has reached a new all-time high market cap of over $85.9 billion. This milestone further solidifies its position as the leading stablecoin in the market, surpassing USDC and DAI.
Call for Stronger Stablecoin Regulation in the US
At the same time, Michael Barr, the Federal Reserve Vice Chair for Supervision, is advocating for more stringent regulation of stablecoins in the United States. During a speech at D.C. Fintech Week, Barr expressed his concerns about unregulated private money backed by the US dollar and emphasized the need for federal oversight to approve and supervise stablecoin issuers.
Barr’s push for stronger regulation comes amidst Wyoming Senator Cynthia Lummis’ calls for early next year’s implementation of crypto regulations.
Hot Take: Tether’s Growth and Regulatory Pushes
Tether’s soaring market cap and the growing calls for tighter regulation reflect the increasing attention on stablecoins and their role in the crypto market. As Tether continues to grow, it faces mounting pressure for regulatory oversight to ensure financial stability and trust in its issuance.
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