Binance Mints 657M TUSD on TRON in 24 Hours, Boosting Stablecoin’s Market Capitalization
In the past 24 hours, Binance, the world’s leading cryptocurrency exchange, has minted 657 million TrueUSD (TUSD) on TRON, according to on-chain data. This move comes after Binance announced the addition of six new spot trading pairs on their platform, including BNB/TUSD, BTC/TUSD, ETH/TUSD, TUSD/USDT, USDC/USDT, and USDP/USDT.
As reported by AZCoin News, Binance released an additional $130 million worth of TUSD stablecoins in the past seven days alone, leading to a circulating supply of over $2 billion. This influx of TUSD has caused it to overtake Frax (FRAX) and become the fifth largest stablecoin in the cryptocurrency market, behind Tether (USDT), USD Coin (USDC), Dai (DAI), and Binance USD (BUSD).
On-chain data shows that #Binance minted 657M $TUSD on #TRON in the past 24 hours.@cz_binance @justinsuntron https://t.co/QMScxMVgqz pic.twitter.com/2ql9hEw6m4
— Lookonchain (@lookonchain) March 12, 2023
TUSD, formerly known as TrustToken, is a stablecoin issued by ArchBlock and is fully backed by cash, according to data from Chainlink. Binance’s move to mint TUSD on TRON could be seen as a strategic move to expand their footprint and provide more liquidity to their users.
It is worth noting that Binance’s own stablecoin, BUSD, is currently facing increased legal pressure from the US government. In October 2020, the New York State Department of Financial Services launched an investigation into Binance’s operations in the state, citing concerns over anti-money laundering (AML) compliance.
Despite the regulatory hurdles, Binance continues to be a dominant player in the cryptocurrency market, with a daily trading volume of over $15 billion. The addition of new trading pairs and the minting of TUSD on TRON could further boost Binance’s market share and cement their position as a leading exchange in the industry.
As the cryptocurrency market continues to evolve and new players enter the fray, it remains to be seen how Binance and other established exchanges will adapt to changing regulatory environments and user demands. However, for now, it seems that Binance is doubling down on their commitment to providing their users with more options and liquidity in the market.
Read more:
- Binance Releases Over $130 Million Worth Of TrueUSD Stablecoins In 7 Days, Boosting Market Capitalization
- Binance’s Massive TrueUSD (TUSD) Minting Triggers 100% Surge In TrueFi’s TRU Token Following BUSD Controversy
- Stablecoin Market Rocked By SEC Charge: BUSD, USDC, USDT, And USDP In Flux