Binance issues $130 million TUSD stablecoin within a week

TrueUSD (TUSD) has become the 5th largest stablecoin in the cryptocurrency industry thanks to the continuous issuance of Binance exchange over the past time.

Top stablecoins with the largest market capitalization, CoinMarketCap screenshot at 09:10 AM on February 28, 2023

According to data from statistical unit NansenBinance has issued up to 130 million USD more stablecoin TrueUSD (TRU) in the last 7 days, making the circulating supply of stablecoin surpass 1.1 billion USD.

With the new capitalization, TUSD has surpassed Frax (FRAX) to become the 5th largest stablecoin in the cryptocurrency market, temporarily behind Tether (USDT), USD Coin (USDC), Dai (DAI) and Binance USD (BUSD). ) – Binance’s stablecoin but is under increased regulatory pressure by the US government.

Binance TUSD mint transactions for the last 7 days. Source: Nansen, CoinDeskTUSRED

TUSD, formerly known as TrustToken, is a stablecoin issued by the company ArchBlock. According to data from Chainlink, TUSD is fully backed by cash.

With BUSD continuously declining in market share, circulating supply down to 5 billion USD in just the past 1 month and falling out of the top 10 cryptocurrencies with the largest market capitalization, other stablecoins are entering the battle. to compete for market share of this coin.

At the same time, the TUSD-linked TrueFi crypto lending project (TRU) experienced a sharp increase after the news of Binance issuing TUSD for the first time appeared.

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