Blockchain News

TUSD Stablecoin Daily Trading Volume Surpasses $1B After Binance Boost

In response to cryptocurrency exchange Binance’s support for the token, which includes a zero-fee discount to buy and sell bitcoin, trading with the TrueUSD (TUSD) stablecoin has increased over the past week, according to data from cryptocurrency price tracker CoinGecko (BTC).

Over the majority of Thursday and Friday, TUSD’s 24-hour trading volume exceeded $1 billion, according to CoinGecko. It is a huge improvement over earlier this month, when TUSD posted a daily trading volume that was primarily under $100 million.

According to Binance’s data, the BTC-TUSD pair on the exchange alone saw $713 million in trade volume during the previous day. The stablecoin has gained popularity recently as a result of Binance, the largest cryptocurrency exchange in the world by trading volume, choosing TUSD as a preferred stablecoin trading pair on its platform in response to a regulatory crackdown on its namesake Binance USD (BUSD). Paxos, a fintech company based in New York, was ordered by state regulators to stop producing these tokens as the BUSD issuer.

By removing competing stablecoins like TUSD from its platform and offering zero-fee trading, Binance had promoted BUSD. Binance resumed trading with TUSD in early March in response to the New York order for Paxos, and on March 22 it exclusively gave the BTC-TUSD pair a zero-fee trading promotion. This week, the exchange added popular cryptocurrencies including Solana (SOL), Optimism (OP), Polygon (MATIC), and XRP to the list of currencies that can now trade TUSD.

A probable successor to Binance’s eponymous stablecoin, TUSD, was “crowned” last week, according to Clara Medalie, head of research at cryptocurrency markets data provider Kaiko, in an email to CoinDesk.

The growth of the token reveals a significant reorganization of the $132 billion stablecoin sector, which has been battling persistent regulatory proceedings and a banking crisis. TUSD has so far been one of the winners. It now has a market valuation of $2 billion, up from less than $800 million at the beginning of January, ranking it as the fifth-largest stablecoin.


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