TrueUSD’s Explosive Growth: A 120% Surge in Just Four Months
The market capitalization of TrueUSD has experienced a significant surge of 120% within just four months, starting from January 2023.
This growth can be attributed to Binance’s support, which has propelled it to become the fifth-largest stablecoin after USDT and USDC.
Recently, TUSD has become a popular trading pair on Binance, especially after the US regulatory crackdown on Binance’s BUSD stablecoin. The regulatory action led to Paxos, the issuer of BUSD, being ordered to stop minting new tokens.
Consequently, Binance reintroduced TUSD trading, and it has become a favored stablecoin trading pair on the platform.
Binance has expanded TUSD trading to popular cryptocurrencies like SOL, OP, MATIC, and XRP. According to data by Nansen, Binance minted around $130 million worth of TUSD in the past seven days.
As a result, TUSD’s 24-hour trading volume surpassed $1 billion, a significant increase from earlier this month when it mainly recorded sub-$100 million daily trading volume.
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ArchBlock, formerly known as TrustToken, issues TUSD as a stablecoin pegged to the USD. Its value is fully supported by fiat assets, as confirmed by ChainLink’s proof-of-reserve monitoring tool. Although TrueUSD’s impressive growth, traders are still placing larger buy and sell orders for the USDT-BTC pair.
Clara Medalie, Head of Research at Kaiko, believes that this trend suggests traders are still hesitant to use TUSD because it is relatively unknown, despite zero fees.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
