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True USD (TUSD) has gained in market value over the past few weeks and is now ranked fifth among stablecoins by market capitalization according to CoinMarketCap. Over the past 24 hours, the market capitalization of TUSD has grown by over 15% and is currently worth over $1.1 bln.
Recent research by Nansen shows that Binance USD (BUSD) has experienced a decline in demand while TUSD is gaining popularity in the market. This change in demand may be due to recent news that Coinbase intends to delist BUSD due to regulatory issues. According to the same Nansen report, Binance is trying to regain ground by issuing around $130 mln worth of TUSD last week, indicating the exchange’s growing reliance on TUSD. The move could further boost TUSD's market capitalization as investors question BUSD's strength in the market.
However, despite the recent rise in TUSD, its market valuation is still significantly less than that of Dai (DAI), which is currently the fourth largest stablecoin in terms of market cap, worth over $5 bln. This suggests that while TUSD may be gaining momentum, it still faces stiff competition from top players in the stablecoin market.
Image: Bitcoin Magazine