Winners and Losers of the Stablecoin Shakeout

Stablecoins have been in the spotlight recently, thanks to regulatory crackdowns and chaos in the traditional financial sector, and investors have been pulling money out of some stablecoins at a staggering pace. 

To recap what’s been going on: The New York State Department of Financial Services in February ordered Paxos to stop issuing the Binance-branded stablecoin BUSD, and Paxos cut ties with the crypto exchange. And Circle’s USDC briefly plunged below the price of $1 last month after Circle disclosed it had $3.3 billion in stablecoin reserves at Silicon Valley Bank.