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.
Crypto exchange Binance will expand its zero-fee trading promotion to all trueUSD () trading pairs starting June 30, the firm announced on Wednesday.
The said that traders will benefit from zero maker fees with all TUSD spot and margin trading pairs, expanding the promotion from the bitcoin ()-TUSD pair. Users will also be able to exchange the stablecoins without fees during the promotional period.
The action followed Binance minting some $1 billion TUSD on the Tron network last week, 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) Binance, its CEO Changpeng “CZ” Zhao, and for violating federal securities laws.
French authorities are investigating the company for “aggravated money laundering." The exchange will also the Netherlands after failing to obtain a license and also applied to to operate in the U.K. and to with Cyprus' securities regulator.
The maneuver also signals Binance’s intention to TUSD trading on its platform. The token is the on the market, and it’s issued by crypto firm ArchBlock, previously known as TrustToken. In 2020, a little-known Asian conglomerate Techteryx the intellectual property of the token from TrustToken.
allege that crypto billionaire and Tron founder might be behind TUSD, but the issuer denied allegations.
Binance started to promote TUSD on its platform after New York state regulator’s issuer Paxos to mint Binance-branded stablecoin 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 .
Edited by Parikshit Mishra.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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