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Binance Will Expand Zero-Fee Trading on TrueUSD after Minting $1B of TUSD
Binance crypto wallets hold some 90% of TUSD’s $3.1 billion market cap, according to blockchain data by Arkham Intelligence.
Updated Jun 21, 2023, 6:21 p.m. Published Jun 21, 2023, 1:35 p.m.
Crypto exchange Binance will expand its zero-fee trading promotion to all trueUSD (TUSD) trading pairs starting June 30, the firm announced on Wednesday.
The blog post said that traders will benefit from zero maker fees with all TUSD spot and margin trading pairs, expanding the promotion from the bitcoin (BTC)-TUSD pair. Users will also be able to exchange the stablecoins without fees during the promotional period.
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The action followed Binance minting some $1 billion TUSD on the Tron network last week, blockchain data by Arkham Intelligence shows.
The development comes at a turbulent period for the world’s largest crypto exchange as it faces lawsuits and regulatory scrutiny in multiple countries. The U.S. Securities and Exchange Commission (SEC) sued Binance, its CEO Changpeng “CZ” Zhao, and Binance.US for violating federal securities laws.
French authorities are investigating the company for “aggravated money laundering." The exchange will also quit the Netherlands after failing to obtain a license and also applied to cancel permissions to operate in the U.K. and to end its registration with Cyprus' securities regulator.
The maneuver also signals Binance’s intention to propagate TUSD trading on its platform. The token is the fifth-largest dollar-pegged stablecoin on the market, and it’s issued by crypto firm ArchBlock, previously known as TrustToken. In 2020, a little-known Asian conglomerate Techteryx acquired the intellectual property of the token from TrustToken.
Reports allege that crypto billionaire and Tron founder Justin Sun might be behind TUSD, but the issuer denied allegations.
Binance started to promote TUSD on its platform after New York state regulator’s forced issuer Paxos to mint Binance-branded stablecoin BUSD in February. Now, the exchange’s crypto wallets hold at least 90% of the stablecoin’s $3.1 billion total market capitalization, according to Arkham data.
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