New York, According to data from crypto price tracker CoinGecko, trading using the stablecoin TrueUSD (TUSD) has experienced a surge in the past week. This is due to Binance, a crypto exchange, supporting the token and offering a discount with zero fees for buying and selling Bitcoin (BTC) with TUSD. The 24-hour trading volume of TUSD exceeded $1 billion for most of Thursday and Friday, which is a notable increase compared to earlier in the month when the daily trading volume of TUSD was mostly below $100 million.
It shows that the BTC-TUSD trading pair on Binance alone has recorded a trading volume of $713 million within the past 24 hours, according to data from Binance.
The surge in popularity of stablecoins is largely attributed to the recent decision by Binance, the largest cryptocurrency exchange in the world in terms of trading volume, to promote TrueUSD (TUSD) as its preferred trading pair for stablecoins. This decision was made in response to regulatory actions taken against Binance’s own stablecoin, Binance USD (BUSD), which prompted New York regulators to order its issuer, Paxos, to halt its minting. In support of BUSD, Binance had previously implemented a zero-fee trading promotion and removed competing stablecoins like TUSD from its platform.
After receiving a directive from New York regulators for Paxos to halt the minting of BUSD, Binance resumed trading with TUSD in early March and launched a zero-fee trading promotion for the BTC-TUSD pair on March 22. Recently, Binance expanded TUSD trading to include popular cryptocurrencies like Solana (SOL), Optimism (OP), Polygon (MATIC), and XRP. According to Clara Medalie, the head of research at crypto markets data provider Kaiko, Binance has potentially anointed TUSD as a successor to its own stablecoin, BUSD. This move reflects a growing trend in the crypto industry, with investors increasingly seeking out stablecoins that prioritize regulatory compliance and transparency, qualities that TUSD is known for.
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