A new fall hits Bitcoin by 88%, not the price...but the trading volume!

Binance's decision to remove zero fees from the BTC/TUSD trading pair had a significant impact on TrueUSD trading volume, according to Kaiko.

Daily trading volume for the BTC/TUSD pair fell 88% from $ 636 million to $72 million shortly after Binance removed its no-fee promotion for the pair on September 7, according to Kaiko data.

The move brought TrueUSD ( TUSD ) to its lowest volume level since the stablecoin was re-listed on the trading platform in early March 2023, the Paris-headquartered company said in a newsletter, as of press time. There is only one trading pair on Binance with zero fees: BTC-FDUSD.

First Digital USD (FDUSD) is a stablecoin listed on Binance in July 2023. Which is said to be backed by US dollars held in reserves at its appointed custodian, First Digital Trust Limited.

Kaiko notes that the decision to remove zero fees from TUSD has positively impacted Tether's dominance on the platform. Which raised its market share to 80%. While TUSD's share collapsed from more than 30% to just 5.6%. The move also increased FDUSD's market share to an all-time high of around 4%, Kaiko says. However, this increase did not change its position among other stablecoins. This makes FDUSD one of the smallest stablecoins in terms of trading volume on Binance.

Binance left TUSD without a no-fee promotion just a month after the stablecoin came under scrutiny amid Prime Trust issues.

In June 2023, TrueUSD stopped minting TUSD tokens through its provider Prime Trust. This caused the currency to be briefly unpegged at $0.9963. In August 2023. Prime Trust filed for Chapter 11 bankruptcy in the United States after Nevada watchdogs found the company was insolvent and unable to work with its clients. According to the Nevada Department of Business and Industry. Prime Trust had over $12 million in passive equity. The company has used customer funds to pay withdrawals since December 2021.

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