With bitcoin breaking the $69,500 mark it really felt there for a while the crypto was about to finally do it's breakout. However once again the government steps in this time with the DOJ as it starts to probe Tether. Now let's be honest a probe into Tether should have happened long ago and it should have been a very clear warning sign when Tether continued to not produce monthly audits and when they did bring a company in they reviewed the books and left! That should have been a wake up call in itself about something weird going on within the company.
The DOJ probe into the company is a violation of sanctions and ant-money laundering rules.
At the time of writing this the market cap of Tether alone is 120 billion dollars and it's competitor USDC coinbase's version at just 34 billion. However this investigation might end up making coinbase's stablecoin a bit more closer to taking over.
It will be interesting to see this play out as more regulations on a single stablecoin will most likely mean people start looking to other options and at some point there will be so many stablecoins that it will once again become unregulated or a way to build a stablecoin that can't be regulated.