The latest development in the world of cryptocurrencies has seen the emergence of TrueUSD (TUSD) as a major player in the stablecoin market. With Binance recently turning to the token as their go-to dollar-pegged crypto option, TUSD has risen to become the fifth-largest stablecoin by market cap. Not only that, but the BTC/TUSD trading pair has even overtaken the BTC/USDT pair at Binance.
The Rapid Growth in Binance’s Decision
Binance’s decision to end its zero-fee BTC trading policy for Tether has resulted in the rapid growth of TUSD’s market cap, which now stands at over $2 billion. TUSD’s 24-hour total volume is now $226 million, surpassing all other Bitcoin pairs. This is a stark contrast to USDT’s daily volume of $31.5 billion. Binance’s decision has enabled TUSD to become a major player in the cryptocurrency market, and its growth is expected to continue as more traders take advantage of its low fees and high liquidity.
TUSD Emerges Stronger Amidst Regulatory and Banking Turmoil
The rise of TUSD is even more impressive when you consider the recent turmoil in the stablecoin market due to the regulatory and banking crisis in the US. In February, the USD-pegged USDT’s largest competitor, USDC, was temporarily debugged from the dollar amid the Silicon Valley Bank crisis. The New York Department of Financial Services then forced Paxos, the issuer of BUSD, to cease minting operations, and Coinbase recently delisted BUSD from the exchange.
A Clear Winner with Real-Time Proof of Reserve System
TUSD, a stablecoin backed by real-time proof of reserve system provided by Chainlink, has become a major player in the cryptocurrency market. With a $2 billion market cap, it has climbed to fifth place in market value. TUSD is a reliable and secure alternative to other stablecoins, as its backers use Chainlink’s proof of reserve system to cryptographically verify that the stablecoin is fully backed. This has allowed TUSD to become a trusted and popular choice for cryptocurrency traders and investors.
From One of the First Dollar-Pegged Stablecoins to a Serious Competitor
The story of the rise of TrueUSD is an interesting one. When it was initially launched back in 2014, it was one of the first dollar-pegged stablecoins. Now, despite the regulatory hurdles and a banking crisis, it has managed to become a serious player in the space, backed by millions and millions of dollars in bank reserves.
As competition continues to heat up in the stablecoin market, it remains to be seen how far this new rival can go, but one thing’s for sure: TrueUSD is looking to take the lead on Binance, and it might just succeed.
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