Shift

Tether USDt

Bitcoin

April

TrueUSD

TrueUSD (TUSD) has emerged as the fifth largest stablecoin by market cap after Binance began using the token as its dollar-pegged crypto of choice in late February. 
Last week, the BTC/TUSD trading pair surpassed 50% of Binance’s Bitcoin trading share, overtaking BTC/USDT.
<h2 id="is-tusd-tether-s-next-rival">Is TUSD Tether’s Next Rival?</h2>
According to an <a href="https://twitter.com/KaikoData/status/1647910074096943104" data-wpel-link="external" target="_blank">analysis</a> from crypto market data provider Kaiko on Monday, BTC/TUSD became the largest Bitcoin market on Binance last week following a period of overwhelming dominance by BTC/USDT as recently as last month. 
https://twitter.com/KaikoData/status/1647910074096943104
USDT was launched by Tether back in 2014 as one of the first-dollar-pegged stablecoins, and remains the largest of such tokens by market cap today. Capturing over $80 billion in value as of April 2023, it maintains its peg to the dollar using<a href="https://cryptopotato.com/tether-responds-to-fud-promises-zero-secured-loans-in-2023/" data-wpel-link="internal"> liquid reserves</a> comprised of both cash and short-term US Treasury bills. 
USDT gained significant ground against Circle’s USDC – one of its largest competitors – when Binance <a href="https://cryptopotato.com/binance-usd-busd-supply-surges-as-stablecoin-wars-heat-up/" data-wpel-link="internal">replaced</a> the latter cryptocurrency at its exchange with BUSD in September. Tether’s market cap benefitted further after USDC temporarily <a href="https://cryptopotato.com/tethers-usdt-market-cap-sees-17-ytd-surge-amidst-banking-crisis/" data-wpel-link="internal">depegged</a> from the dollar amid the Silicon Valley Bank crisis in March. 
However, things took a turn when BUSD issuer Paxos was <a href="https://cryptopotato.com/what-will-happen-to-binance-if-sec-manages-to-kill-busd/" data-wpel-link="internal">forced</a> by US regulators to begin winding down operations in February. In search of ways to pivot away from it dependence on BUSD, Binance quickly began <a href="https://cryptopotato.com/binance-starts-minting-true-usd-tusd-as-tru-price-explodes/" data-wpel-link="internal">minting </a>tens of millions of dollars in TUSD. As of April 17, TUSD’s <a href="https://www.coingecko.com/en/coins/true-usd" data-wpel-link="external" target="_blank">market cap</a> is over $2 billion, compared to roughly $966 million on February 27. 
TrueUSD operates much like Tether, holding over $2.15 billion in bank reserves to back its token. In partnership with Chainlink, the firm uses a real-time <a href="https://chainlinktoday.com/usd-backed-stablecoin-trueusd-boosts-transparency-and-verifiability-with-chainlink-proof-of-reserve/" data-wpel-link="external" target="_blank">proof of reserves</a> system to cryptographically verify that its stablecoin is fully backed at all times.  
<h2 id="binance-s-shift-to-tusd">Binance’s Shift To TUSD</h2>
By late March, Binance had <a href="https://www.binance.com/en/support/announcement/binance-adds-ldo-tusd-matic-tusd-op-tusd-sol-tusd-ssv-tusd-xrp-tusd-trading-pairs-3771bdb298c648899ae8ebe224131455" data-wpel-link="external" target="_blank">added</a> a host of new TUSD trading pairs including LDO/TUSD, MATIC/TUSD, OP/TUSD, SOL/TUSD, SSV/TUSD, and XRP/TUSD. It also made TUSD the sole stablecoin to inherit its zero-fee BTC trading fee policy after March 22 – the precise point at which BTC/TUSD volume on Binance began to overtake other Bitcoin pairs. 
TrueUSD’s 24-hour total volume as of April 17 is $226 million. Meanwhile, USDT’s daily volume is higher than any other cryptocurrency, at $31.5 billion. 
The post <a href="https://cryptopotato.com/tusd-surpasses-tether-as-binances-largest-pair-for-bitcoin/" rel="nofollow">TUSD Surpasses Tether As Binance&#8217;s Largest Pair for Bitcoin</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.

TUSD Surpasses Tether As Binance’s Largest Pair for Bitcoin

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