TrueUSD (TUSD) is now the fifth most valued stablecoin in the cryptocurrency market as a result of Binance exchange's constant issuance over the course of recent months.

The stablecoin TrueUSD (TUSD) supply by Binance climbed by an additional 130 million USD during the course of the previous week, base on data released by the statistics unit Nansen, increasing the total number of stablecoins in circulation to more than 1.1 billion dollars.

TUSD is now the fifth-largest stablecoin in the cryptocurrency market, surpassing Frax (FRAX). Nonetheless, it is presently trailing USD Coin (USDC), Dai (DAI), Tether (USDT), and Binance USD (BUSD). Although this is the case, Binance's stablecoin is still under further regulatory pressure from the US government. TUSD is a stablecoin created by the business ArchBlock. This cryptocurrency was once known as TrustToken. Base to Chainlink's analysis, the whole supply of TUSD is fully backed by cash.

Although BUSD's market share has been steadily declining, its circulating supply has dropped to 5 billion USD in just the past month, and it has dropped out of the top 10 cryptocurrencies with the largest market capitalization, other stablecoins are entering the fray to compete with BUSD for market share. The TrueFi crypto lending initiative (TRU), which is tied to TUSD, had a significant increase after learning that Binance had first-time-issued TUSD.

#Binance #TUSD #crypto2023

The free #BTC trading promotion has ended, according to Binance, but it is still valid for the BTC/TUSD pair.

This decision caused the price of TRU to increase by more than 20% in less than an hour, despite the fact that Binance does not yet charge fees for trading Bitcoin, but does so for transactions involving Bitcoin and Tether USD. Binance launched free bitcoin trading with 13 distinct spot pairs to mark its fifth year of operation.

The amount of #bitcoin trading activity on the "pillar" exchange increased noticeably as a result of this technique, although Binance received a lot of flak for it. The floor has continued to charge 0 dongs despite this ever since. Nevertheless, on March 15, 2023, Binance unintentionally announced that free Bitcoin trading will end, with the exception of pairs that featured the #Stablecoins TrueUSD (TUSD).

Only the BTC/TUSD pair is currently free to spot; all other pairings will start imposing the standard transaction fee from 7:00 a.m. in 2023, March 22. This action shows that Binance has ended its affiliation with BUSD because to Paxos' legal concerns with US authorities and is "pivoting" to the stablecoin TUSD.

In the past, #Binance quickly produced a large number of #TUSD stablecoins and added TUSD to a number of trading pairs on the exchange. Despite the fact that this project is not truly "related" to TUSD, it just "used to be" a product of the TrueFi Protocol, the TRU token price of the TrueFi lending protocol also increased considerably. The price of TRU has increased after the exchange's announcement in less than an hour. TRU has increased by 18% over the past 24 hours and is currently trading at around $0.14.

#BUSD #USDT #TUSD #safu #Binance

In response to recent events surrounding the issuance of unregistered securities by stablecoin issuer Paxos, Binance, the world's largest cryptocurrency exchange by trading volume, has announced that it will be replacing Binance USD (BUSD) in its SAFU fund with Tether (USDT) and TrueUSD (TUSD). The move is intended to ensure that the SAFU fund continues to protect users in the long term.

The decision to replace BUSD comes after Paxos, which no longer issues new BUSD tokens, was targeted by the US Securities and Exchange Commission (SEC) and the New York Department of Financial Services (NYDFS) for the issuance of unregistered securities.

Binance has been reducing its holdings of BUSD and exchanging them for TUSD and USDT, which will now be added to the SAFU fund alongside BNB and BTC. However, Binance has clarified that this move will not affect users and that the assets in the SAFU fund are fully verifiable.

The SAFU fund was created in mid-2018 to protect user assets in the event of a hack or other unforeseen event. With the replacement of BUSD, the SAFU fund will continue to provide this protection using a diverse range of stablecoins and cryptocurrencies.

Binance has also announced that it is exploring other alternatives to BUSD but has not yet withdrawn support for the stablecoin. Users will still be able to use BUSD for the platform's activities and services.

In summary, Binance's decision to replace BUSD in its SAFU fund with Tether and TrueUSD is a proactive move to protect users in the long term following recent events surrounding Paxos and the issuance of unregistered securities. Although Binance is reducing its holdings of BUSD, it is still supporting the stablecoin for the time being and exploring other alternatives for the future.

Binance earlier this week also swapped the BUSD in its Industry Recovery Initiative Fund to Bitcoin, Binance Coin and Ethereum.

The decision came in following BUSD issuer Paxos' announcement of halting the minting of new coins due to regulatory concerns.

Binance Coin price is inching closer to its critical resistance around 330 after marking a 7% increase on Thursday.

Binance has been facing a lot of flak from users and regulators for the last couple of weeks. The biggest issue that stumped Binance was the decision taken by Paxos to stop minting new Binance USD (BUSD) tokens, forcing the crypto exchange to switch to other stablecoins.

Binance moves to Tether

In a blog post on Friday, the world's biggest cryptocurrency exchange Binance announced that it would be swapping out its BUSD holdings. The funds in the company's Secure Asset Fund for Users (SAFU) will no longer contain any BUSD token as they will be swapped with Tether (USDT) and TrueUSD (TUSD). 

The decision came into effect following Paxos' announcement of stopping minting BUSD due to regulatory concerns in the United States. Calling it to be a long-term solution, Binance noted that the change in the asset would not bear any impact on the funds or the users. The fund, back in January this year, reached a total value of over $1 billion at the market price of the asset back then.

This is the second time Binance has taken such a major decision, as earlier this week, the same swapping was carried out for the exchange's Industry Recovery Initiative fund. Formed after the collapse of FTX in order to bail out worthy suffering crypto operations, the fund was also worth nearly $1 billion at the time of its launch. 

Tweeting in regards to the same, Binance said,

"Given the changes in stable coins and banks, #Binance will convert the remaining of the $1 billion Industry Recovery Initiative funds from BUSD to native crypto, including #BTC, #BNB and ETH. Some fund movements will occur on-chain. Transparency. (sic)

Binance Coin price attempting a multi-month breakout

Binance Coin price could be seen trading at $330.7, right at the cusp of breaching through the critical resistance at $334.7. Flipping this level into support would mark a multi-month breakout for BNB and also result in a new year-to-date high.

This would also allow Binance Coin price to eventually initiate a sustainable rally, pushing the cryptocurrency to test the resistance block from $335 to $357. If the upper limit of the altcoin is tested, BNB would stand at a four-month high of pre-FTX collapse.

However, if Binance Coin price faces corrections owing to Thursday's 7.35% rise, the altcoin could decline to test the critical support at $294.5. Losing this support level would invalidate the bullish thesis and leave BNB vulnerable to falling to $264.

#safu #BNB #Binance #TUSD #USDT