Binance Mints 50M TUSD, TRU Price Rises
The US Securities and Exchange Commission (SEC) recently defined Binance USD (BUSD) as a security and asked Paxos to stop issuing BUSD. Binance CEO Changpeng Zhao also pointed to different alternatives.
According to the data shared by Lookonchain, Binance has turned to the new alternative. On-chain data shows 50 million TrueUSD (TUSD) minted on Binance. TrustToken’s DeFi project, which released the TUSD stablecoin, TrueFi’s token TRU also increased by 200% with this development. Meanwhile, TrustToken left the TrueFi protocol last year.
Blockchain company Paxos has announced that it has received instructions from the New York Department of Financial Services (NYDFS) to stop issuing Binance-branded stablecoin BUSD pegged to the US dollar. The firm announced that they would stop issuing tokens on February 21. It was reported that tens of millions of BUSD were burned after the decision. In the meantime, it was revealed that Circle, the issuer of the BUSD rival coin USDC, filed a complaint against Binance last fall. On the other hand, the SEC had issued a notice to several unnamed stablecoin companies, as well as Circle.
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