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Home » Blog » Tether Market Cap Loses $2B Due to ‘False FUD’
Blockchain News / Crypto News

Tether Market Cap Loses $2B Due to ‘False FUD’

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Last updated: 31/12/2024 7:49 PM
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9 months ago
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Wall Street Journal: Tether, the USDT issuer, allegedly used fake documents and shell companies to open bank accounts
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The Tether FUD (fear, uncertainty, and doubt) has been spreading rapidly in recent weeks, fueled by rumors of government investigations, potential bans, and more. However, recent claims suggest that this is all “false FUD,” causing unnecessary panic around the stablecoin.

Contents
  • Tether’s Market Cap Drops By $2B Amid Ban News
  • Why the Tether FUD Is False
  • Will Tether Continue to Suffer?
  • What to Do Amid the Tether Market Cap Drop?

Tether’s market cap dropped by $2 billion over the past week, with some worried that the situation could worsen due to Europe’s MiCA regulations. Let’s explore the situation in more detail.

Tether’s Market Cap Drops By $2B Amid Ban News

Tether (USDT) is the largest stablecoin, ranking third among cryptocurrencies after Bitcoin and Ethereum. With a market cap of $138.71 billion, USDT experienced a $2 billion decline last week after its price fell to a two-year low of $0.997.

This decline followed news of a potential Tether ban in Europe, where USDT could be delisted from centralized exchanges due to non-compliance with the new MiCA regulations.

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According to these rules, stablecoins need an e-money license to trade on crypto platforms, with a deadline set for December 30, 2024. Failure to comply would lead to the delisting of USDT from European exchanges, potentially creating liquidity issues that could impact the broader crypto market.

Why the Tether FUD Is False

Recently, a wave of FUD has surrounded Tether, with claims from both institutional players and traders. Some have called Tether a $118 billion scam, while others have criticized it as a facilitator of illicit transactions.

Many believe that the ban would be damaging to Tether’s market cap, but they miss the key point: USDT is not illegal. It simply won’t be tradable on MiCA-compliant exchanges. Even if it is delisted, users can still store USDT in non-custodial wallets and trade it on decentralized exchanges.

Bitcoin advocate Samson Mow weighed in on the situation, explaining that only one exchange, Coinbase, is expected to delist USDT for European users in the short term, debunking the Tether ban claims. He also pointed out that European regulators have a 12-month grace period to act on the issue.

Furthermore, some critics have suggested that the FUD surrounding Tether could be driven by competitors, with significant investments in USDT’s rival, USDC.

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Tether, on the other hand, claims to be owned by Bitcoin stakeholders, advocating a more decentralized philosophy. According to Mow, “Bitcoiners own Tether, and their incentives are aligned with BTC,” which is beneficial for the crypto community.

Will Tether Continue to Suffer?

The impact of the Tether FUD is evident in its price and market cap, but Tether’s CEO has dismissed it as “false FUD,” even calling it “bullish.” Tether has faced similar challenges in the past, such as during the 2022 FTX collapse when its value temporarily depegged from the dollar to $0.93 before recovering.

Analyst Alex Bitblaze revealed that 80% of USDT’s market cap comes from Asia, meaning that any potential delisting would have minimal impact. Bitblaze also described the current FUD as a buying opportunity.

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What to Do Amid the Tether Market Cap Drop?

Despite the $2 billion drop in Tether’s market cap, the stablecoin is holding up well on the charts. With recent updates suggesting a limited impact from the European delisting, investor sentiment may improve.

Many crypto analysts have assured investors that the FUD’s impact is largely contained within the crypto space, urging them not to worry.

Instead, they recommend taking advantage of the situation and viewing it as a buying opportunity, given Tether’s dominance and widespread use in the crypto world.

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