With the exception of the SEC’s FinHub announcement, it has been a quiet week for regulatory news — something we’ve been getting a lot of recently as U.S. officials clamp down on unscrupulous coin offerings and crypto companies.Instead, stablecoins crowded headlines this week, as tether — among others — had difficulties retaining its peg, and top exchanges rolled out support for some of the asset class’ regulatory-compliant newcomers.All the while, developers remind us that, even in bear markets, the tools of innovation continue to work against the buzz of speculation.Stablecoin News Takes Center Stage As Tether’s Peg Slips, Bitcoin’s Price Distorted Across MarketsTether took a dip this week. The market’s leading stablecoin dropped to as low as $0.92 cents for its exchange-averaged price as a market-wide selloff left the coin wanting in demand. By consequence, bitcoin on tether-supported exchanges began trading at somewhat of a premium, an inflated price that reflected bitcoin’s worth against tether’s discounted price rather than its worth against the actual dollar. At the time of writing, tether has shaved off roughly $800 million from its market cap over the week — that’s nearly a third of its entire value.Huobi and OKEx List the Same Four StablecoinsAs tether was unravelling, two of the industry’s highest volume exchanges listed four of the top stablecoins’ staunches competitors. Huobi and OKEx both ...
