$130 Million TUSD Were Released By Binance In Less Than A Week

Key Points:

• Throughout the last week, Binance has increased the supply of the stablecoin TrueUSD (TRU) by an extra 130 million USD. This has caused the total amount of stablecoins in circulation to reach 1.1 billion dollars.
• TUSD is now the fifth largest stablecoin in the cryptocurrency market, moving ahead of Frax (FRAX), which was previously in fourth place, briefly trailing Tether (USDT), USD Coin (USDC), Dai (DAI), and Binance USD (BUSD).

Due to the consistent issuance of Binance exchange throughout the course of the recent past, TrueUSD (TUSD) has risen to the position of the fifth most valuable stablecoin in the cryptocurrency sector.

According to data provided by the statistics unit Nansen, stablecoin TrueUSD (TUSD) issuance by Binance increased by an extra 130 million USD during the course of the last week, bringing the total amount of stablecoins in circulation to more than 1.1 billion dollars.

TUSD has now surpassed Frax (FRAX) to become the 5th largest stablecoin in the cryptocurrency market. Nevertheless, it is still momentarily behind Tether (USDT), USD Coin (USDC), Dai (DAI), and Binance USD (BUSD). Notwithstanding this, however, the United States government is putting additional regulatory pressure on Binance’s stablecoin. TUSD is a stablecoin that is produced by the corporation ArchBlock. Formerly, this coin was known as TrustToken. Chainlink’s research suggests that the whole supply of TUSD is entirely backed by cash.

Other stablecoins are entering the fray to compete with BUSD for market share, despite the fact that BUSD’s market share has been steadily decreasing, its circulating supply has decreased to 5 billion USD in just the past month, and it has dropped out of the top 10 cryptocurrencies with the largest market capitalization. At the same time, the TrueFi crypto lending project (TRU), which is related to TUSD, had a strong spike after hearing the news that Binance had issued TUSD for the first time.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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