Just in: Binance’s CZ Supporting Stablecoin After the BUSD Fall
Binance CZ USD Binance USD: There has been a major shift in dynamics within the stablecoin category since the U.S Securities and Exchange Commission’s (SEC), recent investigation against Paxos and the objection regarding Binance USD (BUSD) issuance, Traders preferred to shift assets from BUSD to the top stablecoins USDC or USDT. Binance CEO CZ stressed the importance of stablecoins that are tied to fiat currencies other then the US Dollar. On the other hand, the crypto exchange is supporting stablecoins to capitalize on this shift.
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Binance appears to have just produced large quantities of the stablecoin TrueUSD, or TUSD. According to Whale Alert notice, the exchange produced as many as 49,000,000 TUSD. TrueFi (TRU), a cryptocurrency from the TrustToken ecosystem that is identical to TUSD, also gained significant buying interest. Despite having a smaller market cap, the TRU token has seen a remarkable 170% increase in the last few hours. TUSD is ranked 54 in the top cryptocurrencies with a market capital of $971 million.
Binance’s latest move to mint TUSD can arguably be viewed as Binance’s efforts support other stablecoins after the decline of BUSD, as CZ stated. TUSD was one of the stablecoins Binance introduced auto-conversion for in exchange for BUSD on September 2022. For users who choose to place all assets in the BUSD account, the exchange offered enhanced liquidity and capital efficiency.
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