Bitcoin-TrueUSD Pair Becomes Key Trading Pair Amid Binance Stocks
Due to a significant adjustment brought about by the Binance cryptocurrency exchange, the stablecoin TrueUSD, which was little known until this year, now makes up the largest trading pair in Bitcoin.
Except for Bitkoin-TtueUSD, Binance has discontinued zero-fee bitcoin trading promotions, which has increased demand for the pair and increased the pair’s market share of Binance’s bitcoin trading volumes to 50%.
TrueUSD Market Value Jumps $1 Billion in Two Months
Stablecoins are essential components of the cryptocurrency market, where investors frequently deposit funds for trading. Stablecoins are required to have a consistent value and are backed by reserves like cash or bonds.
After New York regulators ordered Binance-branded stablecoin BUSD to halt issuing new tokens in February, upending the $132 billion stablecoin market, TrueUSD circulation shot up.
According to CoinGecko, TrueUSD is the fifth-largest stablecoin with a $2 billion market cap.