TrueUSD, a stablecoin pegged to the United States Dollar (USD), has witnessed an explosive growth of about 120% in the past four months. This impressive increase in market capitalization can attributed to Binance’s support which was prompted by the US regulatory crackdown on Binance's BUSD stablecoin. As Paxos, the issuer of BUSD, was ordered to stop minting new tokens, Binance reintroduced TUSD and it has now become a favored stablecoin trading pair on the platform.
As per records compiled by Nansen, Binance has minted a whopping amount of $130 million worth of TUSD in the past seven days, which led to a tremendous increase in the 24-hour trading volume surpassing an amount of one billion US Dollars.
TUSD is issued by ArchBlock, formerly working as TrustToken, and is backed by fiat assets which is regularly monitored by ChainLink’s proof-of-reserve. Despite the low fees that come with trading in TrueUSD and its impressive growth in market capitalization, larger buy and sell orders are still placed for the USDT-BTC pair. Clara Medalie, Head of Research at Kaiko, supposes that this behavior indicates an unwillingness from trader's side to use TUSD due to its relative obscurity.
Talia Ross
- 2023-04-26
TrueUSD: Explosive 120% Growth in Market Capitalization
TrueUSD, a stablecoin pegged to the United States Dollar (USD), has witnessed an explosive growth in market capitalization of around 120% in the past four months. This increase can be attributed to Binance’s support. 24-hour trading volume has surpassed one billion US Dollars – however, larger buy and sell orders are still placed for USDT-BTC pair.
