Binance Mints About $130m TUSD, Makes it 5th Largest Stablecoin

Binance Mints About $130m TUSD, Makes it 5th Largest Stablecoin

Time Stamp: February 28, 2023 4:41 AM
Source Node: 1983544
  1. With the addition of TUSD, Binance now supports four different stablecoins.
  2. Binance’s move to mint more TUSD is a welcome sign for the crypto industry.
  3. The increased demand for stablecoins is also a positive sign for the industry.

Binance, the world’s largest cryptocurrency exchange, has minted $130 million worth of Tether USD (TUSD) over the past seven days. This makes it the fifth-largest stablecoin, behind USD Coin (USDC), Tether USD (USDT), TrueUSD (TUSD), and Paxos Standard Token (PAX). The current market cap of TUSD is $1.12 billion, representing a 15% increase over the past seven days.

Binance has said it will continue working with more stablecoin partners to bring more stability to the cryptocurrency market. This is part of their mission to make the cryptocurrency markets accessible to everyone. With the addition of TUSD, Binance now supports four different stablecoins, which provides users with more options when it comes to trading.

Binance’s move to mint more TUSD is a welcome sign for the crypto industry as it helps bring more liquidity and reduce market volatility. In addition, it provides users with more options for trading, which can help to reduce slippage and increase efficiency.

Furthermore, the increased demand for stablecoins is also a positive sign for the industry, as it shows that more people are interested in using cryptocurrencies as a means of exchange.

Furthemore, the increased popularity of stablecoins has been driven in part by the growth of decentralized finance (DeFi). DeFi protocols rely on stablecoins to provide a reliable store of value and minimize volatility. Binance’s TUSD is well-suited for DeFi applications, and this could be a factor in its recent success.

Overall, Binance’s recent minting of TUSD is an encouraging sign for the cryptocurrency market. It not only provides users with more trading options but also helps reduce market volatility and increase liquidity. As Binance continues to work with more stablecoin partners, this could allegedly further bolster the future cryptocurrency markets.

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Tags: Binance ExchangeDeFiStablecoinsTUSD

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Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.

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