coinspress.com
The market capitalization of TrueUSD has experienced a significant surge of 120% within just four months, starting from January 2023.
This growth can be attributed to Binance’s support, which has propelled it to become the fifth-largest stablecoin after $USDT and USDC.
Recently, $TUSD has become a popular trading pair on Binance, especially after the US regulatory crackdown on Binance’s $BUSD stablecoin. The regulatory action led to Paxos, the issuer of $BUSD, being ordered to stop minting new tokens.
Consequently, Binance reintroduced $TUSD trading, and it has become a favored stablecoin trading pair on the platform.
Binance has expanded $TUSD trading to popular cryptocurrencies like SOL, OP, MATIC, and XRP. According to data by Nansen, Binance minted around $130 million worth of $TUSD in the past seven days.
As a result, $TUSD’s 24-hour trading volume surpassed $1 billion, a significant increase from earlier this month when it mainly recorded sub-$100 million daily trading volume.
ArchBlock, formerly known as TrustToken, issues $TUSD as a stablecoin pegged to the USD. Its value is fully supported by fiat assets, as confirmed by ChainLink’s proof-of-reserve monitoring tool. Although TrueUSD’s impressive growth, traders are still placing larger buy and sell orders for the $USDT-BTC pair.
Clara Medalie, Head of Research at Kaiko, believes that this trend suggests traders are still hesitant to use $TUSD because it is relatively unknown, despite zero fees.