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On Wednesday, Binance, the crypto exchange, revealed its plans to extend the zero-fee trading promotion to encompass all trading pairs involving trueUSD (TUSD) from June 30th onwards.
In an exciting update, the blog post highlighted that traders will now reap the benefits of zero maker fees across a wide range of TUSD spot and margin trading pairs, surpassing the previous promotion limited to the BTC-TUSD pair. Moreover, during this promotional period, users will also have the freedom to exchange stablecoins without encountering any fees.
Arkham Intelligence's blockchain data reveals that Binance took action last week by minting a staggering $1 billion worth of TUSD on the Tron network.
The emergence of this development coincides with a challenging phase for the world's largest cryptocurrency exchange, as it confronts legal actions and regulatory investigations across various nations. The U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Binance, its CEO Changpeng "CZ" Zhao, and Binance.US, citing violations of federal securities laws.
The company is currently under investigation by French authorities for "aggravated money laundering." Additionally, the exchange has decided to withdraw from the Netherlands after being unable to acquire a license. It has also applied to terminate its operational permissions in the U.K. and to cancel its registration with the securities regulator in Cyprus.
Furthermore, this maneuver by Binance clearly demonstrates their commitment to promoting TUSD trading within their platform. TUSD stands as the fifth-largest stablecoin in terms of being pegged to the US dollar, and it is issued by ArchBlock, a cryptocurrency company previously known as TrustToken. Notably, in 2020, the intellectual property rights of the token were acquired by Techteryx, an Asian conglomerate that was relatively unknown at the time, from TrustToken.
There have been reports suggesting that Justin Sun, the crypto billionaire and founder of Tron, could potentially be linked to TUSD. However, the issuer of TUSD has refuted these allegations.
After the New York state regulator enforced the creation of Binance-branded stablecoin BUSD by Paxos in February, Binance has now started promoting TUSD on its platform. Remarkably, Arkham data reveals that Binance's crypto wallets currently account for at least 90% of the total market capitalization of TUSD, which stands at an impressive $3.1 billion.
