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According to crypto data firm Kaiko, the market share of the TrueUSD (TUSD) stablecoin in Bitcoin (BTC) trading volume on Binance is catching up to Tether's USDT following the exchange's zero-fee trading discount.
The TrueUSD (TUSD) stablecoin's market share in bitcoin (BTC) trading volume on Binance is catching up to Tether's USDT following the exchange's zero fee trading discount, but data shows traders are still reluctant to use TUSD, according to crypto data firm Kaiko.
TrueUSD is now a native token on the BNB Chain.
Recently, the stablecoin market experienced significant changes, creating an opportunity for other stablecoins, such as Pax Dollar [USDP] and TrueUSD [TUSD], to grab the market share. Since Binance's [BUSD] decline following CFTC's allegations, there has been a vacancy at the top of the list.
Trading with TrueUSD (TUSD) has seen a significant surge over the week, as reported by crypto price tracker CoinGecko. This is largely attributed to Binance's support for the stablecoin, offering zero-fee discounts when buying and selling Bitcoin (BTC).
The surge follows Binance's decision a week ago to eliminate the zero-fee trading discount on the platform except for the BTC-TUSD pair.
Four stablecoins have reduced their supplies this month, while the stablecoin token TrueUSD (TUSD) has seen its supply jump 110% higher over the last 30 days. TUSD resides natively on four different blockchains. The number of Ethereum-based TUSD rose 27%, while the number of Tron-based TUSD stablecoins increased by 218%.
TUSD has seen a big increase in trading volume recently.
Binance listing a large number of cryptocurrencies with TrueUSD (TUSD) trading pairs and extending support to the stablecoin reportedly related to Tron founder Justin Sun raises questions. Binance on Tuesday said it is adding more TUSD trading pairs amid efforts to replace Binance USD (BUSD).
Binance announced today that it will open trading for LDO/TUSD, MATIC/TUSD, OP/TUSD, SOL/TUSD, SSV/TUSD, and XRP/TUSD trading pairs on March 29 at 08:00 (UTC).
According to statistics, on March 26, the stablecoin economy was valued at $135 billion, with the top stablecoins representing $31.8 billion or 75% of the $42.17 billion in 24-hour global trade volume across the entire crypto market. In the last two weeks since March 11, 7.06 billion USDC and 351.57 million BUSD have been redeemed.
According to Kaiko's head of research, Binance's market share may decrease after the world's largest cryptocurrency exchange by trading volume eliminated the majority of zero-fee trading after only nine months.
Binance's Bitcoin (BTC) liquidity for its TrueUSD (TUSD) rose more than 250% on March 22 after it phased out its zero-fee trading for other stablecoins.
Binance abolished almost all zero fee trading pairs from its platform after nine months, only keeping the promotion for the TUSD-bitcoin pair.
Cryptocurrency exchange Binance has replaced its Binance USD (BUSD) holdings in its Secure Asset Fund for Users (SAFU) with TrueUSD (TUSD) and Tether (USDT) in response to Paxos' move to stop minting new BUSD. SAFU is an emergency insurance fund established by Binance to protect users' funds in case of security breaches or other unforeseen events.
Binance will replace BUSD in its Secure Asset Fund with USDT and TUSD.
Binance assured its users that this change will not impact them in any way, and that their funds will continue to be held in publicly verifiable addresses.
Binance will no longer hold BUSD in its Secure Asset Fund for Users (SAFU) and has swapped the stablecoin for ERC-20 TUSD and BEP-20 USDT, according to a March 17 press release.
Binance moved BUSD from its SAFU insurance fund into USDT and TUSD since Paxos cannot mint new BUSD coins.
Archblock oversees about $2 billion in reserves that back its stablecoin TrueUSD (TUSD). After the reserve transfer, Capital Union Bank now holds more than $1.4 billion.
The hope is this move will spread liquidity to more pairs.
Popular cryptocurrency exchange Binance has announced its move to zero-fee bitcoin trading from BUSD to TUSD on March 2022.
Binance said it is moving its zero-fee Bitcoin (BTC) trading from Binance USD (BUSD) to TrueUSD (TUSD) on March 22.
USDC briefly depegged last weekend when Circle announced it had exposure to Silicon Valley Bank. Investors flocked to these alternatives.
