Binance has added a brand new XRP buying and selling pair, XRP/TUSD.
World’s largest cryptocurrency alternate Binance has added a brand new stablecoin buying and selling pair for XRP. In line with an announcement in the present day, Binance added the XRP/TUSD pair to its platform. The transfer will permit customers to commerce the sixth-largest cryptocurrency towards the fifth-biggest stablecoin.
The alternate stated XRP/TUSD buying and selling would begin tomorrow by 08:00 (UTC). For context, XRP is now paired towards three stablecoins, together with USDT and BUSD.
XRP Soars Over 7%
Following the announcement, the value of XRP spiked by over 7% up to now 24 hours. Coingecko knowledge exhibits that XRP is presently buying and selling at $0.489. At press time, XRP is the best-performing cryptocurrency among the many prime 100 crypto property up to now 24 hours, following the surge that accompanied Binance’s resolution so as to add a brand new stablecoin buying and selling pair for the coin.
Binance famous that customers will take pleasure in zero maker charges buying and selling XRP/TUSD till additional discover. It’s noteworthy that Binance additionally added TUSD buying and selling pair for different prime cryptocurrencies, together with Solana (SOL), Polygon (MATIC), Lido DAO (LDO), Optimism (OP), and SSV Community (SSV).
Binance Shifts Focus to TUSD Amid BUSD Regulatory Crackdown
Lately, Binance has shifted its focus to TUSD following US regulators’ crackdown on its stablecoin, Binance USD (BUSD). Recall that on February 13, 2023, Paxos Belief Firm, the issuer of BUSD, introduced that it acquired a Wells Discover from the Securities and Trade Fee (SEC) alleging that the stablecoin operated as an unregistered safety.
A couple of hours later, the New York Division of Monetary Providers (NYDFS) ordered the corporate to halt the issuance of BUSD. The transfer brought on BUSD to lose its greenback peg, however BUSD shortly regained its greenback peg and now trades at $1.
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Nevertheless, Binance has determined to permit the crypto asset to chill off because it shifts its focus to TUSD, a stablecoin launched in April 2018.
Binance has given TUSD an even bigger position on its platform whereas persevering with to pair the cryptocurrency towards prime crypto property, together with Bitcoin (BTC) and Ethereum (ETH). Final month, Binance minted a whopping $130 million value of TUSD. Because of this, TrueUSD rallied to change into the fifth-largest stablecoin by market capitalization.
TrueUSD took to Twitter to announce the milestone, saying:
🥳🚀February speaks for #TUSD, what a month full of fantastic achievements:
🟢Secured minting with @chainlink #ProofOfReserves
🟢High 5 #stablecoins rating
🟢Market Cap: $1,123,308,229 ⬆️18.8% (30d)
🟢Buying and selling Quantity: $1,564,808,818⬆️18.1% (30d)👇Information from @coingecko pic.twitter.com/voab78fnEu
— TrueUSD (@tusdio) February 28, 2023
Information from Coingecko exhibits that TUSD remains to be ranked because the fifth-largest stablecoin, with a market cap of $2.046 billion.
Binance Dealing with CFTC Lawsuit
Yesterday US Commodity Futures Buying and selling Fee (CFTC) charged Binance with a lawsuit indicting the crypto alternate of illegally operating a derivatives buying and selling platform that allowed customers to commerce crypto futures and choices.
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