TRU rallied nearly 200% after Binance printed new $50 million in stablecoin TrueUSD and announced it was “restricting the use of BUSD as a primary trading pair.”
Projection according to data from Etherscan, the largest crypto exchange on the planet Binance minted 49.99 million TrueUSD (TUSD) stablecoins on the evening of February 16 (Vietnam time). This move comes just days after Paxos was ordered to stop issuing BUSD and was subject to suppression by the US Securities and Exchange Commission (SEC).
50M #TUSD minted at #Binance and the price of $TRUE increased by 200%.
On-chain data shows that #Alameda and #justinsun are the two largest minters of $TUSD.#Alameda minted a total of 1.64B $TUSD print history.#justinsun minted a total of 889M $TUSD print history. pic.twitter.com/N1tUjFQm5U
— Lookonchain (@lookonchain) February 16, 2023
According to Lookonchain, Alameda and Justin Sun are the two largest TUSD printers. Historically, Alameda minted a total of 1.64 billion TUSD and Justin Sun minted 889 million TUSD.
TUSD was originally owned by the Trust Token platform, before it was acquired by Techteryx – an Asian multi-industry corporation. TrustToken also split from TrueFi and was renamed Archblock last year.
Interestingly, TUSD is one of the stablecoins that Binance conducted balance consolidation into BUSD in September 2022. At that time, Binance claims the reason for the switch is to “improve liquidity and capital efficiency for users”, but it seems to be unconvincing.
BILLIONThe market capitalization of TUSD is 973 million USD and is ranked at 53rd in the top cryptocurrencies. The trading volume of this stablecoin also increased to nearly $55 million in the past 24 hours.
The act of printing more TUSD by Binance as powering TrueFi, the TRU token immediately built a column of nearly 200% overnight and is currently trading around $0.087. The trading volume of this coin on the same reference frame also increased impressively by 9800%.
But it can also be understood that this is considered part of an effort to “leave” BUSD as the Binance boss mentioned in the last AMA. At that time, Changpeng Zhao said that the exchange would try to find and cooperate with more stablecoin issuers in the future. CZ says:
“We anticipate that users will move to other stablecoins over time. And we will make product adjustments accordingly. For example, avoid using BUSD as the main trading pair… In addition, we are exploring other companies and USD-pegged stablecoins.”