- The benefit of zero-fee BTC trading has been removed from BUSD on Binance amid “recent events.”
- The exchange’s now preferred Stablecoin, TUSD, has the bonus of zero-fee BTC trading.
- Binance continues to step away from BUSD while it embraces TUSD.
Stablecoin BUSD has been under fire since its issuer, Paxos, was approached by the SEC and told to stop minting the coin by New York Regulators in February.
It has been a downward spiral for BUSD since regulators stepped in, with the market cap dropping rapidly and Binance cutting any remaining ties they had with the coin. The latest from the world’s biggest exchange is that the zero-fee Bitcoin trading with BUSD is being removed.
Binance has regularly offered zero maker and taker fees on popular BTC spot trading pairs in different campaigns, but a popular mainstay has always been BUSD/BTC. However, due to “recent events,” the exchange has removed zero-fee Bitcoin trading with BUSD and is moving it to TrueTUSD (TUSD).
Since February 14, Binance has been making public statements cutting associations with BUSD; Binance CEO Changpeng ‘CZ’ Zhao even stated he didn’t think BUSD would succeed when it was launched.
The shift from BUSD came with a shift toward the TrueUSD (TUSD) stablecoin. Binance turned its attention to TUSD when it minted around $150 million of the stablecoin on February 27.
At the time of the $150 million minting, there were rumors that Binance was pushing to replace its reliance on BUSD in the ecosystem with TUSD. This seems vindicated as Binance takes another step away from its namesake stablecoin toward TUSD.
No $TRUth to the Matter
Binance being more vested in the TUSD stablecoin has inadvertently boosted TrueFi’s $TRU token. However, investors buying up $TRU, believing it to be linked to TUSD, are mistaken as the two projects split in June 2022, which CZ also pointed out in the recent announcement.
On the Flipside
- Binance dumped an additional $1 billion in BUSD on Monday, March 13, turning it into tokens such as BTC, BNB, and ETH.
Why You Should Care
Binance is an influential player in the crypto space. Their decision to walk away from BUSD, coupled with U.S. regulatory concerns, should be the death knell for the project.
Read more about how Binance moved away from BUSD and to TUSD:
As BUSD’s Woes Continue, Could Binance Be Pivoting to TUSD?
Read more about Banking options for crypto companies following the U.S. banking collapse:
U.S. Banking Collapse: Crypto to Be Served by HSBC, Santander & Deutsche Bank in Europe.