Citigroup (C) said in a research note on Friday that the cryptocurrency market remains resilient despite weakness in equities over the past week and increased regulatory activity in the United States.
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The market cap of stablecoins stabilized after the FTX crash, while the percentage of Ethereum (ETH) held in smart contracts continued to rise, the report said.
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After the U.S. Securities and Exchange Commission (SEC) plans to sue Paxos, the issuer of the stablecoin BUSD,
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Citibank noted that BUSD has seen over $3.5 billion in outflows, representing a 23% drop in market capitalization. These funds generally flow into the stable currency USDT.
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