Binance Issues $130 Million in TUSD Stablecoin Within a Week
TrueUSD (TUSD) has surged to become the fifth-largest stablecoin in the crypto industry, thanks to a significant issuance by Binance in recent days.
Binance Issues $130 Million in TUSD Stablecoin Within a Week
According to data from analytics provider Nansen, Binance has minted an additional $130 million in TrueUSD (TUSD) over the past week, pushing the circulating supply of this stablecoin beyond $1.1 billion.
With its new market cap, TUSD has overtaken Frax (FRAX) to become the fifth-largest stablecoin, trailing only Tether (USDT), USD Coin (USDC), Dai (DAI), and Binance USD (BUSD)—Binance’s own stablecoin, which is currently facing increased legal scrutiny from U.S. regulators.
Top stablecoins by market cap, screenshot from CoinMarketCap at 09:10 AM on February 28, 2023.
TUSD, formerly known as TrustToken, is issued by ArchBlock. According to Chainlink data, TUSD is fully backed by cash.
As BUSD continues to lose market share, with its circulating supply dropping by $5 billion in just the past month and falling out of the top 10 cryptocurrencies by market cap, other stablecoins are seizing the opportunity to capture its market share.
Meanwhile, TrueFi (TRU), a crypto lending project associated with TUSD, experienced a notable surge following the news of Binance’s TUSD issuance.
