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Binance has added a new $XRP trading pair, $XRP/$TUSD.
World’s largest cryptocurrency exchange Binance has added a new stablecoin trading pair for $XRP. According to an announcement today, Binance added the $XRP/$TUSD pair to its platform. The move will allow users to trade the sixth-largest cryptocurrency against the fifth-biggest stablecoin.
The exchange said $XRP/$TUSD trading would commence tomorrow by 08:00 (UTC). For context, $XRP is now paired against three stablecoins, including USDT and $BUSD.
$XRP Soars Over 7%
Following the announcement, the price of $XRP spiked by over 7% in the past 24 hours. Coingecko data shows that $XRP is currently trading at $0.489. At press time, $XRP is the best-performing cryptocurrency among the top 100 crypto assets in the past 24 hours, following the surge that accompanied Binance’s decision to add a new stablecoin trading pair for the coin.
Binance noted that users will enjoy zero maker fees trading $XRP/$TUSD until further notice. It is noteworthy that Binance also added $TUSD trading pair for other top cryptocurrencies, including Solana (SOL), Polygon (MATIC), Lido DAO (LDO), Optimism (OP), and $SSV Network ($SSV).
Binance Shifts Focus to $TUSD Amid $BUSD Regulatory Crackdown
Recently, Binance has shifted its focus to $TUSD following US regulators’ crackdown on its stablecoin, Binance USD ($BUSD). Recall that on February 13, 2023, Paxos Trust Company, the issuer of $BUSD, announced that it received a Wells Notice from the Securities and Exchange Commission (SEC) alleging that the stablecoin operated as an unregistered security.
A few hours later, the New York Department of Financial Services (NYDFS) ordered the company to halt the issuance of $BUSD. The move caused $BUSD to lose its dollar peg, but $BUSD quickly regained its dollar peg and now trades at $1.
However, Binance has decided to allow the crypto asset to cool off as it shifts its focus to $TUSD, a stablecoin launched in April 2018.
Binance has given $TUSD a bigger role on its platform while continuing to pair the cryptocurrency against top crypto assets, including Bitcoin (BTC) and Ethereum (ETH). Last month, Binance minted a whopping $130 million worth of $TUSD. As a result, TrueUSD rallied to become the fifth-largest stablecoin by market capitalization.
TrueUSD took to Twitter to announce the milestone, saying:
🥳🚀February speaks for #$TUSD, what a month full of amazing achievements:
🟢Secured minting with @chainlink #ProofOfReserves
🟢Top 5 #stablecoins ranking
🟢Market Cap: $1,123,308,229 ⬆️18.8% (30d)
🟢Trading Volume: $1,564,808,818⬆️18.1% (30d)👇Data from @coingecko pic.twitter.com/voab78fnEu
— TrueUSD (@tusdio) February 28, 2023
Data from Coingecko shows that $TUSD is still ranked as the fifth-largest stablecoin, with a market cap of $2.046 billion.
Binance Facing CFTC Lawsuit
Yesterday US Commodity Futures Trading Commission (CFTC) charged Binance with a lawsuit indicting the crypto exchange of illegally running a derivatives trading platform that allowed users to trade crypto futures and options.