Binance Mints 50 million TUSD Stablecoin Causes the TRU Price to Spike 200%
Key Points:Binance issued 49.99 million TRU, a stablecoin that runs on Ethereum blockchain.
Despite its modest market value, TRU token’s value has increased by 200% since the minting in just a few hours.
TUSD is ranked 53 in the top cryptocurrencies.
TRU soared almost instantly after Binance issued a large amount of stablecoins TrueUSD, and announced restrictions on using BUSD for the main trading pair. The action was taken within a few days after Paxos instructed Binance USD (or BUSD) to stop printing. With a market cap in $971 million, TUSD currently ranks 53rd among the top cryptocurrency coins. According to Lookonchain Alameda is the largest TUSD minter while Justin Sun is the second. Alameda has minted 1.64 billion TUSD, while Justin Sun has minted 889 millions TUSD. TUSD was owned originally by Trust Token before it was purchased by Techteryx, an Asian multi-industry company. Trust Token was also separated from TrueFi and renamed Archblock in 2013. In September 2022, Binance performed a balance consolidation into BUSD for TUSD. Binance stated at the time that the change was made to improve liquidity and capital efficiency, but it seemed unconvincing. TRU/USDT Chart by tradingViewThe New York Department of Financial Services has ordered Paxos not to issue the stablecoin. Changpeng Zhao, Binance’s CEO, stated that the exchange would continue to support BUSD for the near future. Chart by TradingViewThe New York Department of Financial Services ordered Paxos to stop issuing the stablecoin. We encourage you to do your research before investing.Join us to keep track of news: https://linktr.ee/coincuHaroldCoincu NewsTags: BinanceBUSDPaxosTRUTrueUSDTUSD