24 days ago 1 min read

Binance Issued $130 Million TUSD In Less Than A Week


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.

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