Just In: After BUSD Fall, Binance’s CZ Supporting This Stablecoin?

Binance CZ BUSD: After the recent probe by the U.S. Securities and Exchange Commission’s (SEC) against Paxos and the objection to issuance of Binance USD (BUSD), there has been a big shift of dynamics in the stablecoin category. Traders preferred to move assets from BUSD to top stablecoins USDC and USDT. However, Binance CEO CZ stressed on the need for stablecoins pegged to fiat currencies other than US Dollar. Meanwhile, on chain activity indicates the crypto exchange is trying to capitalize on the shift by supporting other stablecoins.

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Binance Minting TUSD?

It appears that Binance just minted the stablecoin TrueUSD (TUSD) in large volumes. As per Whale Alert notice, the exchange minted as many as 49 million TUSD. In this connection, TrueFi (TRU), a cryptocurrency previously linked to TUSD, gained huge buying interest. In the last few hours, the TRU token rose by an astounding 170%, although it has relatively smaller market cap. At $971 million market size, TUSD is ranked 54 among major cryptocurrencies.

The latest move to mint TUSD can be seen as Binance’s efforts to support other stablecoins, as CZ said, after BUSD’s decline. Interestingly, TUSD was among the stablecoins Binance introduced auto conversion for in exchange for BUSD in September 2022. The exchange cited enhanced liquidity and capital-efficiency for users for choosing to put all the assets in the BUSD account.

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Anvesh Reddy
CoinGape