TrueUSD Market Cap Surge 120% In 4 Months After Binance's Backing

TrueUSD (TUSD)'s, a recently launched stablecoin, market capitalization is surging, rising by 120% in just four months from January 2023. The increase can be attributed to Binance's backing, which propelled it as the fifth-largest stablecoin behind USDT and USDC.

Timeline of Trueusd

Four stablecoins have reduced their supplies this month, while the stablecoin token TrueUSD (TUSD) has seen its supply jump 110% higher over the last 30 days. TUSD resides natively on four different blockchains. The number of Ethereum-based TUSD rose 27%, while the number of Tron-based TUSD stablecoins increased by 218%.

Binance listing a large number of cryptocurrencies with TrueUSD (TUSD) trading pairs and extending support to the stablecoin reportedly related to Tron founder Justin Sun raises questions. Binance on Tuesday said it is adding more TUSD trading pairs amid efforts to replace Binance USD (BUSD).

Binance, one of the world's largest cryptocurrency exchanges, has announced that it has minted $50 million worth of TrueUSD, a stablecoin pegged to the US dollar. This decision comes after the New York State Department of Financial Services (NYDFS) halted the issuance of another stablecoin, BUSD, by Paxos, amid regulatory scrutiny.

San Francisco, United States, 15th December, 2022, Chainwire We are thrilled to announce that the TrueUSD team is launching a new product called TCNH, which is a stablecoin pegged to Offshore Chinese Yuan (CNH) at 1:1.

Stablecoins have maintained a strong growth momentum against the occasionally frustrating crypto market. Recently, the TUSD-TRX pool on the decentralized trading platform SunSwap has yielded up to 12%, and the vault of TUSD achieved an APY of as high as 11.2% on the decentralized yield optimizer Beefy Finance (BNB).