Stablecoin Tether’s Increasing Dominance Is Bad for Crypto Markets, JPMorgan Says
JPMorgan has stated that the growing dominance of stablecoin tether (USDT) is negative for the broader crypto ecosystem due to its lack of regulatory compliance and transparency. The bank suggests that other stablecoins, particularly those in line with existing regulations, could benefit from a potential crackdown on tether. USD Coin (USDC), which is preparing for upcoming stablecoin regulations and has filed to sell shares publicly in the U.S., could be one such beneficiary. Tether has seen significant growth recently, with widespread adoption across centralized crypto exchanges and decentralized finance platforms. It reported a record-breaking $2.85 billion profit for the previous quarter and is nearing a $100 billion market capitalization.
