TUSD stablecoin volume shoots past $1 billion after Binance promotion

Trading in TrueUSD (TUSD) has exploded over the past week, it appears data from CoinGecko. This all seems to be due to Binance’s support for the stablecoin, as it makes it possible to exchange the coin for Bitcoin and vice versa without trading costs.

1 billion dollars

TUSD scored a trading volume of $1 billion on both Thursday and Friday. That’s rare, because before that it was often around $100 million or even below. The BTC-TUSD trading pair on Binance scored $713 million in volume in the last 24 hours.

The popularity of TUSD on Binance is due to the exchange platform’s choice to push the stablecoin forward. This has everything to do with the problems for the Binance USD (BUSD), which is no longer allowed by the US authorities.

Initially, the focus of Binance’s promotion was entirely on its own BUSD stablecoin. TUSD was even kicked off the platform for that reason. So now the coin is back and breaking records in terms of trading volume.

Beginning of March

Almost immediately after Paxos was told it could no longer introduce new BUSD, Binance decided to allow TUSD back on its platform. From March 22, it started promoting by highlighting the free trading between Bitcoin and TUSD.

This week, that expanded to Solana (SOL), Optimism (OP), Polygon (MATIC), and XRP. In an email to CoinDesk, Clara Medalie of Kaiko informed that Binance may have found an heir to the Binance USD.

The rapid growth and emergence of TUSD means that the stablecoin market is going through a major overhaul. Along with Tether, TUSD seems to be the big winner of the stablecoin market right now. In any case, the market cap of the project has increased considerably to $ 2 billion, while it was still less than $ 800 million at the beginning of January.

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