Crypto exchange Binance has minted nearly 50M TrueUSD (TUSD) tokens days after the NYDFS ordered Paxos to cease issuing Binance USD (BUSD).
The news came a few days after Binance CEO Changpeng Zhao claimed that they are exploring other options as the exchange expects BUSD to “wind down over time.”
As per the metrics from Whale Alert, the transaction occurred around 2 pm (UTC) on February 16.
The price of TRU, the native token of TrueFi protocol, rose sharply since the announcement. The stablecoin is valued at $0.08, up by over 79% in the last 24 hours.
It is worth noting that although TRU was linked with TUSD in the past, the tokens are now issued by different firms.
Interestingly, BUSD has not lost its position as the third largest stablecoin despite the NYDFS’ crackdown on the token. However, the 24-hour market capitalization of the stablecoin has decreased from $14.3B to $13.7B.
Meanwhile, TUSD is ranked fifth among the stablecoins with the largest market cap. TUSD, with a relatively smaller market cap of $968M, is the 54th largest token in the crypto market.
Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.
Connect with Ayush on LinkedInCrypto exchange Binance has minted nearly 50M TrueUSD (TUSD) tokens days after the NYDFS ordered Paxos to cease issuing Binance USD (BUSD).
The news came a few days after Binance CEO Changpeng Zhao claimed that they are exploring other options as the exchange expects BUSD to “wind down over time.”
As per the metrics from Whale Alert, the transaction occurred around 2 pm (UTC) on February 16.
The price of TRU, the native token of TrueFi protocol, rose sharply since the announcement. The stablecoin is valued at $0.08, up by over 79% in the last 24 hours.
It is worth noting that although TRU was linked with TUSD in the past, the tokens are now issued by different firms.
Interestingly, BUSD has not lost its position as the third largest stablecoin despite the NYDFS’ crackdown on the token. However, the 24-hour market capitalization of the stablecoin has decreased from $14.3B to $13.7B.
Meanwhile, TUSD is ranked fifth among the stablecoins with the largest market cap. TUSD, with a relatively smaller market cap of $968M, is the 54th largest token in the crypto market.
Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.
Connect with Ayush on LinkedIn
