The market capitalization of TrueUSD expands, and Binance continues to offer no-fee trading on TUSD pairs; consumers remain indispensable.
The TrueUSD (TUSD) stablecoin network, whose market capitalization has increased from $750 million to over $3 billion due to odd claims, has been questioned.
This can also have implications for Binance, which continues to offer no-fee trading on TUSD pairs despite the unfolding TUSD ecosystem developments.
Uncertainty Encircling TrueUSD
TrueUSD (TUSD) utilizes multiple USD rails to facilitate the minting and redemption processes of its stablecoin, as stated by TUSD in its explanation of the abrupt increase in numbers today.
TrueUSD (TUSD) maintains multiple USD rails for both minting and redemption. This means that alternative TUSD minting and redemption processes are live and available on these USD rails.
The inability to acquire trust resulted in severe backlash.
Still offering that $1k bounty for anyone who can intro me to a desk who can do this right now at scale. So far despite their claims, no one seems to be able to.
Adam Cochran, 23 June, 2023
According to reports TUSD has ceased minting via Prime Trust, which handles deposits and withdrawals. This halt coincided with Binance offering no-fee trading on all TUSD pairs and an abrupt billion-dollar minting of TUSD after the US regulator ordered Paxos to cease minting Binance USD (BUSD).
Influence On Binance?
The complexities of TrueUSD’s ownership structure, which appears to link back to Tron’s founder Justin Sun, have increased uncertainty regarding the stablecoin’s stability and transparency. These concerns could affect the partnership with Binance and the availability of TUSD on the exchange.
As TrueUSD experiences disruptions and consumer restrictions, Binance may be impacted by the instability. The availability and trading volume of TUSD on the platform could be affected, which could harm Binance’s revenue and user experience.
Reportedly, TUSD has a higher volume than USDT on Binance, and Twitter users are suspicious.
Despite TrueUSD’s obstacles, its market capitalization continues to grow, and Binance’s no-fee trading on TUSD pairs persists. The current TrueUSD price is $0.999655 USD, with a 24-hour trading volume of $2,541,478,776 USD.
TrueUSD has declined 0.13 percent over the past twenty-four hours. It has a market cap of $3,139,805,134 on CoinMarketCap.
