The surge follows Binance’s decision a week ago to scrap the platform’s commission-free trading rebates, except for the BTC-TUSD pair.
Daily Trading Volume of TUSD Stablecoin Surpasses $1B After Binance Boost
Trading of the stablecoin TrueUSD (TUSD) has been on the rise as a result of cryptocurrency exchange Binance’s token support, including commission-free rebates on buying and selling Bitcoin (BTC), as data from cryptocurrency price tracker CoinGecko shows. TUSD’s 24-hour trading volume surpassed $1 billion for most of Thursday and Friday, according to CoinGecko. This is a notable increase from earlier this month, when daily trading volume on TUSD was below $100 million.
Binance data, his BTC-TUSD pair on Binance alone has had $713 million in trading volume in the last 24 hours. The recent popularity of the stablecoin comes after the world’s largest cryptocurrency exchange by trading volume Binance selected TUSD as the preferred stablecoin trading pair on its platform amid a regulatory crackdown on its namesake Binance USD (BUSD). New York regulators have ordered state-based fintech BUSD issuer Paxos to stop issuing these tokens. Binance was backing BUSD with a zero-fee trading promotion and booting rival stablecoins including ТUSD from its platform.
Following New York’s policy on Paxos, Binance resumed trading on ТUSD in early March and allowed zero-free trading promotion on the BTC-ТUSD pair only from March 22nd. This week, the exchange expanded ТUSD trading to popular cryptocurrencies including Solana (SOL), Optimism (OP), Polygon (MATIC) and XRP.
The token’s rapid growth highlights a massive restructuring of the $132 billion stablecoin market that grapples with ongoing regulatory action and the banking crisis. ТUSD was one of the winners so far. Its market cap has surged from under $800 million in early January to $2 billion, making it the fifth largest stablecoin.
Source
Check out more of our latest news here
Leave a comment