Amid the turmoil in the cryptocurrency market, Binance, the world’s largest cryptocurrency exchange, is working to develop a solution. In this context, Binance printed 657 million TUSD in TRON within 24 hours. This move by the crypto exchange has spiked the stablecoin’s market cap.
Binance prints million dollars of TUSD, altcoin value rises!
According to on-chain data, the world’s leading cryptocurrency exchange Binance has minted 657 million TrueUSD (TUSD) in TRON in the last 24 hours. The move comes after Binance announced that it has added six new spot trading pairs to its platforms, including BNB/TUSD, BTC/TUSD, ETH/TUSD, TUSD/USDT, USDC/USDT and USDP/USDT. After the TUSD printing of the crypto money exchange, the market value of TUSD started to increase.
TUSD market cap / Source: CoinMarketCapcryptocoin.com As we reported, Binance has launched an additional $130 million worth of TUSD stablecoins in the last seven days alone. This move by Binanace has resulted in a circulating supply of over $2 billion. This influx of TUSD has caused it to surpass Frax (FRAX) and become the fifth largest stablecoin in the cryptocurrency market after Tether (USDT), USD Coin (USDC), Dai (DAI), and Binance USD (BUSD).
On-chain data shows that #Binance minted 657M $TUSD on #TRON in the past 24 hours.@cz_binance @justinsuntron https://t.co/QMScxMVgqz pic.twitter.com/2ql9hEw6m4
— Lookonchain (@lookonchain) March 12, 2023
Binance’s move comes after pressures around BUSD
TUSD, formerly known as TrustToken, is a fully cash-backed stablecoin issued by ArchBlock, according to data from Chainlink. Binance’s move to print TUSD on TRON can be seen as a strategic move to expand their footprint and provide more liquidity to their users.
It’s worth noting that Binance’s own stablecoin, BUSD, is currently facing increasing regulatory pressure from the US government. In October 2020, the New York State Department of Financial Services launched an investigation into Binance’s operations in the state, citing concerns about anti-money laundering (AML) compliance. Despite regulatory hurdles, Binance remains a dominant player in the cryptocurrency market, with a daily trading volume of over $15 billion. According to experts, the addition of new trading pairs and the printing of TUSD on TRON could further increase Binance’s market share and consolidate its position as the leading exchange in the industry.
As the cryptocurrency market continues to evolve and new players enter the fray, we will see how Binance and other established exchanges adapt to changing regulatory environments and user demands. But for now, Binance seems to be doubling down on its commitment to providing its users with more choice and liquidity in the market.
