Binance, the world’s largest cryptocurrency exchange, is eyeing the TrueUSD (TUSD) stablecoin. Regulators are investigating Binance USD (BUSD). According to research by cryptocurrency intelligence firm Nansen, Binance has minted TUSD stablecoins worth over $130 million in the last week. As such, TUSD has risen to the position of the 5th largest stablecoin by market capitalization. Statistics from CoinGecko show that the TrueUSD stablecoin has reached a record high of nearly $1.1 billion in circulation, surpassing its previous peak set in August 2022.
Binance Mints $130 Million Worth TUSD Stablecoins Amid BUSD Scrutiny
TrueUSD climbs to #5, outperforming other prominent stablecoins such as Paxos Dollar (USDP), Gemini Dollar (GUSD) and Frax (FRX), the native stablecoin of decentralized financial system Frax Finance.
Formerly known as Trust Token, TUSD is a USD-pegged stablecoin created by blockchain company ArchBlock. The value of the stablecoin is 100% backed by fiat assets as verified by Chainlink’s Reserve Proof tracking tool.
Over the past few weeks, the stablecoin market has undergone a major restructuring. As BUSD becomes a prime target for US authorities, TrueUSD is seeing a renaissance as Вinance places increasing emphasis on the stablecoin. As recently announced, the stablecoin BUSD has been temporarily removed from cryptocurrency exchange Coinbase.
It is interesting that Binance stopped supporting TUSD and other stablecoins on its platform about 6 months ago. The goal at the time was to increase the usefulness of BUSD’s platform. However, due to the recent regulatory review of his BUSD, Binance had little choice but to revert to his TUSD.
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