TUSD Gains The Upper Hand On Binance, Becoming The Largest BTC Trading Pair
Key Points:
- TUSD now becomes the largest BTC trading pair on Binance.
- Binance has discontinued promotions for free Bitcoin trading except for Bitcoin-TrueUSD, which has boosted demand for the pair.
According to data source Kaiko, TrueUSD (TUSD), a stablecoin that was poorly known before this year, is now the biggest Bitcoin trading pair, thanks to the Binance crypto market, Bloomberg reported.
Binance discontinued zero-cost Bitcoin trading promotions on March 22, with the exception of Bitcoin-TrueUSD, which fueled demand for the pair, increasing its share of Binance Bitcoin trading volumes to 50% from 40% before the fee decision.
The stablecoin “is the benefactor of increased volumes now, even if the reasons why Binance granted TUSD this gift are unclear,” he wrote.
Tether pairings, according to Kaiko, account for 80% of overall trading volumes across centralized crypto exchanges. TUSD is at 9% and is expected to reach second place in the next months, according to the report.
Yet, according to Kaiko, market depth statistics on Binance reveal that BTC-USDT is still king in terms of liquidity, with market makers clearly preferring exposure to Tether over TrueUSD.
TrueUSD’s circulation increased when New York authorities forced the issuer of a Binance-branded stablecoin, BUSD, to stop minting new tokens in February.
The annihilation of the TerraUSD algorithmic variation last year led to a $1.5 trillion crypto panic and the demise of enterprises like FTX. During the US financial crisis, the second-ranked USDC momentarily depegged, while the top stablecoin Tether has received attention over the transparency of its holdings.
However, in terms of current dominance Tether USDT is still the number one stablecoin. Tether also recently added to its reserves with 1 billion USDT newly minted.
According to CoinMarketCap statistics, TUSD is the fifth-largest stablecoin, with a market value of $2.1 billion, up from over $750 million at the start of 2023. USDT is the most valuable cryptocurrency, with a market value of more than $81.4 billion.
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.
Join us to keep track of news: https://linktr.ee/coincu
Harold
Coincu News
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TUSD Gains The Upper Hand On Binance, Becoming The Largest BTC Trading Pair
Key Points:
- TUSD now becomes the largest BTC trading pair on Binance.
- Binance has discontinued promotions for free Bitcoin trading except for Bitcoin-TrueUSD, which has boosted demand for the pair.
According to data source Kaiko, TrueUSD (TUSD), a stablecoin that was poorly known before this year, is now the biggest Bitcoin trading pair, thanks to the Binance crypto market, Bloomberg reported.
Binance discontinued zero-cost Bitcoin trading promotions on March 22, with the exception of Bitcoin-TrueUSD, which fueled demand for the pair, increasing its share of Binance Bitcoin trading volumes to 50% from 40% before the fee decision.
The stablecoin “is the benefactor of increased volumes now, even if the reasons why Binance granted TUSD this gift are unclear,” he wrote.
Tether pairings, according to Kaiko, account for 80% of overall trading volumes across centralized crypto exchanges. TUSD is at 9% and is expected to reach second place in the next months, according to the report.
Yet, according to Kaiko, market depth statistics on Binance reveal that BTC-USDT is still king in terms of liquidity, with market makers clearly preferring exposure to Tether over TrueUSD.
TrueUSD’s circulation increased when New York authorities forced the issuer of a Binance-branded stablecoin, BUSD, to stop minting new tokens in February.
The annihilation of the TerraUSD algorithmic variation last year led to a $1.5 trillion crypto panic and the demise of enterprises like FTX. During the US financial crisis, the second-ranked USDC momentarily depegged, while the top stablecoin Tether has received attention over the transparency of its holdings.
However, in terms of current dominance Tether USDT is still the number one stablecoin. Tether also recently added to its reserves with 1 billion USDT newly minted.
According to CoinMarketCap statistics, TUSD is the fifth-largest stablecoin, with a market value of $2.1 billion, up from over $750 million at the start of 2023. USDT is the most valuable cryptocurrency, with a market value of more than $81.4 billion.
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.
Join us to keep track of news: https://linktr.ee/coincu
Harold
Coincu News
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