TrueUSD (TUSD) Volume Approaches Tether (USDT) Volume

Binance has launched a zero-commission campaign to encourage its users to use TrueUSD (TUSD) and as a result, the Bitcoin trading volume of TrueUSD (TUSD) stablecoin has almost reached the same level as Tether (USDT).

Binance launched a zero-commission campaign to encourage its users to use TrueUSD (TUSD), and as a result, the Bitcoin trading volume of the TrueUSD (TUSD) stablecoin has almost reached the same level as Tether (USDT).

However, according to data firm Kaiko, users still do not have complete trust in TrueUSD (TUSD) and are conducting larger trading volumes on the Tether (USDT) pair.

In February, the New York Department of Financial Services (NYFDS) had pressured Paxos to halt the issuance of BUSD, the third-largest stablecoin with a market capitalization of $16 billion. NYFDS had introduced new regulations to increase Paxos’ trading volume and liquidity and regulate the supply of BUSD. The rise of TUSD is believed to have come as a result of being chosen as the successor to the preferred stablecoin BUSD, issued by Paxos Trust.

This situation has shown an increasing demand for the adoption and use of TUSD. Despite challenges such as regulatory pressures and banking crises, Tether (USDT) and TrueUSD (TUSD) stablecoins still hold a strong position in the cryptocurrency market.

The stablecoin market, valued at $132 billion, is facing increasing competition with the emergence of new stablecoins. While stablecoins have recently faced regulatory pressure and new legal regulations, they still hold a strong position in the cryptocurrency market.

As an example, Tether’s USDT and TUSD emerged as winners of the crisis, with TUSD becoming the fifth-largest stablecoin in the cryptocurrency market with a market capitalization of $2 billion. The circulating supply of USDT has increased by $10 billion in recent months and is moving towards an all-time high. On the other hand, there was an outflow of more than $10 billion from USDC following the collapse of Silicon Valley Bank.

In conclusion, stablecoins continue to play an important role in the cryptocurrency market, and the competition is increasing with the entry of new stablecoins.

You can read the new bill of the US Congress for stablecoins in our article below.

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