TUSD Surpasses Tether As Binance’s Top Bitcoin Pair

• TrueUSD (TUSD) has emerged as the fifth largest stablecoin by market cap, overtaking Tether’s USDT as Binance’s most traded pair for Bitcoin.
• Last week, BTC/TUSD trading surpassed 50% of Binance’s Bitcoin trading share.
• The recent surge in TUSD use is likely due to Binance eliminating fees on the BTC/TUSD trading pair.

TrueUSD Overtakes Tether As Binance’s Largest Pair for Bitcoin

TrueUSD (TUSD) has emerged as the fifth largest stablecoin by market cap after Binance began using the token as its dollar-pegged crypto of choice in late February. Last week, the BTC/TUSD trading pair surpassed 50% of Binance’s Bitcoin trading share, overtaking BTC/USDT.

Why Has TUSD Surpassed USDT?

The recent surge in TUSD use is likely due to Binance eliminating fees on the BTC/TUSD trading pair. According to an analysis from crypto market data provider Kaiko on Monday, BTC/TUSD became the largest Bitcoin market on Binance last week following a period of overwhelming dominance by BTC/USDT as recently as last month.

Is Tether At Risk Of Being Outpaced By True USD?

USDT was launched by Tether back in 2014 as one of the first-dollar-pegged stablecoins and remains the largest of such tokens by market cap today. Capturing over $80 billion in value as of April 2023, it maintains its peg to the dollar using liquid reserves comprised of both cash and short-term US Treasury bills.

How Did USDC Lose Its Dominance On The Exchange?

USDT gained significant ground against Circle’s USDC – one of its largest competitors – when Binance replaced USDC with its own token,BUSD at its exchange in September. This was followed by USDC temporarily depegging from the dollar amid a crisis at Silicon Valley Bank in March.

What Does This Mean For The Market?