TUSD Turmoil May Affect Binance’s Trading, Here’s Why
TrueUSD (TUSD) stablecoin network, which has experienced a surge in market cap from $750 million to over $3 billion has been under question due to strange claims. This can also have implications for Binance as it continues to offer no-fee trading on TUSD pairs amidst the unfolding developments in the TrueUSD ecosystem.
Instability Surrounding TrueUSD
TUSD today reasoned for the sudden spike in numbers stating that TrueUSD (TUSD) utilizes multiple USD rails to facilitate the minting and redemption processes of its stablecoin.
TrueUSD (TUSD) maintains multiple USD rails for both minting and redemption. This means that alternative TUSD minting and redemption processes are live and available on these USD rails.
However, failing to gain trust, it faced critical backlashes.
Still offering that $1k bounty for anyone who can intro me to a desk who can do this right now at scale. So far despite their claims, no one seems to be able to.
CoinGape reported that TrueUSD announced its discontinuation of minting via Prime Trust, a firm involved in deposits and withdrawals. This pause coincided with Binance offering no-fee trading on all TUSD pairs and a sudden billion-dollar minting of TUSD after the US regulator ordered Paxos to stop minting Binance USD (BUSD)
Impact On Binance?
The complexities of TrueUSD’s ownership structure, which appears to lead back to Tron founder Justin Sun, have added to the uncertainty surrounding the stablecoin’s stability and transparency. These concerns may have implications for its partnership with Binance and the availability of TUSD on the exchange.
As TrueUSD faces disruptions and customer limitations, there is a possibility that Binance may be affected by the instability. The availability and trading volume of TUSD on the platform could be impacted, potentially affecting Binance’s revenue and user experience.
Reportedly, TUSD have more volume than USDT on Binance, Twitter users claim something is fishy.
Also Read: Binance Hires Former DOJ Prosecutor for SEC Lawsuit…
Despite the hurdles faced by TrueUSD, the market cap continues to expand, and Binance’s no-fee trading on TUSD pairs persists. TrueUSD price today is $0.999655 USD with a 24-hour trading volume of $2,541,478,807 USD. TrueUSD is down 0.13% in the last 24 hours. On CoinMarketCap, it has a market cap of $3,139,805,134 USD.
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