The biggest stablecoins have all endured durations of turmoil in the previous few months. In February, New York state regulators ordered Paxos to halt minting Binance USD (BUSD), the third largest stablecoin on the time. Subsequent month, the collapse of Silicon Valley Financial institution (SVB) briefly froze a large portion of USDC’s money reserves, which affected Maker’s DAI stablecoin. Final month, USDT endured promote strain in a key stablecoin liquidity pool, spooking merchants, and TUSD weathered the implosion of its custodial companion.
