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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.