Binance, the world’s largest cryptocurrency exchange, recently announced a new zero-maker fee promotion for stablecoin TUSD (TrueUSD). Starting on the 30th of June, the offer covers both spot and margin trading for TrueUSD and is available for all existing and new USD stablecoin pairs on Binance’s spot and margin markets. However, the standard taker fees for these TUSD spot and margin trading pairs will continue to apply as usual.
In addition to this announcement, Binance is also extending the BUSD (BUSD) zero maker fee promotion for another six months, up until the 31st of December 2023. This promotion is applicable to existing and new BUSD spot and margin trading pairs, except for BTC/BUSD, BNB/BUSD, and ETH/BUSD. Standard taker fees still apply to these trading pairs as well.
The latest promotional offer on TUSD trading pairs seems strategic, especially considering the recent regulatory issues surrounding Binance and its native stablecoin, BUSD. On June 10, TrueUSD halted the minting of the stablecoin via Prime Trust. Binance then subsequently minted about $1 billion TUSD on Tron network, as reported by Arkham Intelligence. TUSD has now gone live on 12 public chains, including Ethereum, TRON, Avalanche, BSC, Fantom, and Polygon.
Although TUSD has a significantly smaller market cap of $3.1 billion compared to USDT’s $83.1 billion, the stablecoin has experienced a surge in popularity mainly due to its support from Binance. Being the fifth-largest dollar-pegged stablecoin, TUSD is issued by ArchBlock (previously known as TrustToken).
However, Binance’s recent news comes amid increasing regulatory backlash from multiple countries. The US Securities and Exchange Commission (SEC) filed a lawsuit against Binance and its CEO, Changpeng Zhao, earlier this month. Moreover, the exchange is currently being investigated for alleged money laundering activities in France, has withdrawn its application to operate within the United Kingdom, and has requested the termination of its registration by the securities regulator in Cyprus.
Despite these regulatory challenges, Binance’s continuous efforts to promote TUSD and extend its BUSD maker fee offer showcase the exchange’s agility and adaptability. Though skepticism remains, it could be that TUSD is well on its way to becoming the next popular tether stablecoin, all thanks to Binance’s backing and support in navigating the complex and ever-changing landscape of the cryptocurrency markets.
Source: Cryptonews
