Binance’s Zero Trading Fees for BTC/TUSD and USD Stablecoin Pairs Lead to Over 50% Surge in TrueFi’s TRU Token
Binance, one of the world’s largest cryptocurrency exchanges, has announced that it will open trading for six new spot trading pairs on 2023-03-11 at 14:00 (UTC). The new pairs are BNB/TUSD, BTC/TUSD, ETH/TUSD, TUSD/USDT, USDC/USDT, and USDP/USDT. This news comes amid concerns over the solvency of Silicon Valley Bank (SVB), where $3.3 billion worth of USDC reserves remain.
The announcement has caused the price of TRU token, issued by TrueFi, to surge by more than 50% in the past 24 hours and is now trading at $0.135, resulting in a market capitalization of over 110 million USD.
In preparation for the new trading pairs, Binance has stopped/will stop BUSD Auto-Conversion for users’ new deposits of USDC, USDP, and TUSD respectively. Additionally, users will no longer be able to withdraw USDC, USDP, or TUSD from their BUSD balances. However, users who wish to convert their BUSD balances to USDC, USDP, or TUSD at a 1:1 ratio may do so manually on Binance Convert till 2023-03-18 06:00 (UTC) for USDC and USDP, and until further notice for TUSD.
To celebrate the new trading pairs, Binance will be introducing two promotions for selected spot trading pairs. Promotion A offers zero trading fees on the BTC/TUSD pair and zero maker fees on the BNB/TUSD and ETH/TUSD pairs. Promotion B offers zero trading fees on the TUSD/USDT, USDC/USDT, and USDP/USDT pairs. These promotions will run from 2023-03-11 14:00 (UTC) until further notice.
During the promotion period, trading volume on the BTC/TUSD spot trading pair will be excluded from the VIP-tier volume calculation and all Liquidity Providers program. BNB discounts, referral rebates, and any other adjustments will not apply to the BTC/TUSD spot trading pair during the promotion.
Similarly, trading volume on the selected USD stablecoin spot trading pairs will be excluded from the VIP-tier volume calculation and all Liquidity Providers program. BNB discounts, referral rebates, and any other adjustments will not be applied to the selected USD stablecoin spot trading pairs during the promotion.
According to data from Nansen, a statistical unit, Binance has recently added an extra $130 million worth of TrueUSD (TUSD) stablecoins to the market in the past week, as reported by AZCoin News. As a result, the stablecoin’s circulating supply has now surpassed $1.34 billion.
With this new market capitalization, TUSD has climbed to become the fifth largest stablecoin in the cryptocurrency market, surpassing Frax (FRAX), and trailing behind Tether (USDT), USD Coin (USDC), Dai (DAI), and Binance USD (BUSD). TUSD, formerly known as TrustToken, is issued by ArchBlock and fully backed by cash, as per data from Chainlink.
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