# HERE'S WHAT HAPPENED IN CRYPTO TODAY⏰
On October 7, Tether, the company behind the USDt stablecoin announced that their userbase has grown significantly in last 10 years.
Tether was not the first ever stablecoin, but it holds the highest market capitalisation among all stablecoins and by a big margin. According to CoinMarketCap, the market capitalisation of Tether’s USDt is currently $119.6 billion.
Tether saw a usercount increase of 24% in the past 12 months with approximately 282 million users in October 2023, and only 141 million users in 2022.
Hong Kong's Securities and Futures Commission expects to issue licenses to some of the 11 crypto firms pending registration in the region. SFC CEO Julia Leung said she expects it to “make progress” in issuing licenses to 11 currently operating Virtual Asset Trading Platforms (VATPs) on the regulator’s list of potential licenses. A total of 16 companies are awaiting a decision on their VATP application. Eleven are already operating as “deemed to be licensed,” even though the SFC discourages traders from doing business with them.
Retail crypto investors in Hong Kong currently only have four cryptocurrencies they can buy, and Hong Kong has been criticised for the slow pace of its crypto regulations despite its repeatedly proclaimed desire to become a world hub for crypto and financial technology.
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