USDT/USDC on Coinbase is up; BUSD/USDT on Binance is down. Expected reaction on BUSD given the events that have transpired over the last day.

But USDT finding demand as the narrative shifts to it being a stablecoin less vulnerable to regulatory oversight is somewhat surprising. Things will likely revert to normal if USDC’s current standing in the market is safe. But that remains to be determined yet. Interesting how Tether’s biggest perceived shortcoming seems to have turned into a strength overnight