- Binance adopted TUSD as its primary stablecoin following a regulatory crackdown on BUSD.
- BTC/TUSD is now the leading Bitcoin pair, with over 50% of the market share.
- TUSD has seen growth in several metrics and is now a native BSC coin.
Since the U.S. Securities and Exchange Commission and New York regulators put the squeeze on the Paxos-issued Binance USD (BUSD), Binance has tapped TrueUSD (TUSD) as its dollar stablecoin of choice. With the newfound support, TUSD has now clinched a significant milestone.
BTC/TUSD Pair Rises to the Top of the Ranks in Less Than a Month
BTC/TUSD is now the #1 Bitcoin market on Binance, the world’s largest crypto exchange by 24-hour trading volume, according to data shared by Kaiko in a tweet on April 17.
BTC/TUSD’s rise to the top took less than a month, as the pair surpassed 50% of the market share last week. The move was catalyzed by Binance’s announcement of zero-fee trading for the pair, which started on March 22, further revealing its intent to make TUSD the primary stablecoin on the exchange.
Binance’s Newfound Love
The first indication that Binance was looking to pivot to TUSD came when the exchange minted $150 million worth of the dollar-pegged stablecoin on Feb. 27. Since then, the stablecoin has witnessed considerable growth in several key metrics as the crypto exchange added multiple TUSD pairs, dispelling any doubt of BUSD’s replacement.
Sponsored
TUSD is now the fifth largest dollar-pegged stablecoin by market cap. At the time of writing, the stablecoin’s market cap has doubled since Binance’s minting in February from just below $1 billion to over $2 billion per CoinGecko data. In addition, the stablecoin’s daily trading volume is now in the hundreds of millions.
90-day market cap chart for TUSD. Source: CoinGecko
Sponsored
Comparatively, BUSD remains on a steady decline. Once a top ten crypto asset by market cap, it is now ranked #14 at the time of writing. Within that same period, TUSD’s market cap has doubled, while BUSD’s has nearly halved, dropping from $11 billion to $6.68 billion at the time of writing, per CoinGecko data.
90-day market cap chart for BUSD. Source: CoinGecko
Last week, TUSD announced its integration as a native token on Binance’s BNB Smart Chain (BSC). The move will allow users to mint and redeem BSC-TUSD directly from the TUSD website.
On the Flipside
- TUSD has been linked with Tron’s Justin Sun.
- TUSD is issued by Archblock (formerly TrustToken), which broke out from TrueFi in June 2022.
Why You Should Care
Binance is the leading crypto exchange by 24-hour trading volume. The last stablecoin it supported boasted well over $20 billion in market cap at its peak.
To learn more about the newly added TUSD pairs, read this:
Binance Finalizing BUSD Phase Out with New Range of TUSD Pairs
Interested in the $1 billion FTX case? See this:
