TrueFi token clocks triple digit gain as Binance mints TUSD stablecoin
Quick Take
- TRU jumped over 140% after Binance minted $50 million in TrueUSD stablecoin.
- The move comes days after CZ tweeted that Binance “could move away from using BUSD as the main pair for trading.”
DeFi lender TrueFi's token, TRU, jumped over 140% shortly after Binance minted $50 million worth of the TrueUSD stablecoin.
Binance minted 49.99 million TRU at around 10 a.m. EST today, according to Etherscan data. The move comes just days after Paxos was ordered to stop issuing Binance USD, or BUSD. BUSD accounted for about 37% of the spot trading volume on the exchange in January.
TRU was trading around $0.10 by 5:30 p.m. EST, up around 142% in the past day, according to CoinGecko data.
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Paxos was ordered to stop issuing the stablecoin by the New York Department of Financial Services. Binance's CEO Changpeng Zhao come said the exchange will continue to support BUSD for the "foreseeable future."
"We do foresee users migrating to other stablecoins over time. And we will make product adjustments accordingly. eg, move away from using BUSD as the main pair for trading, etc.," he said. When asked why the exchange wouldn't consider another issuer, Zhao said, "we are exploring others and non-USD-based stablecoins."
Cryptocurrencies were up across the board today, with bitcoin reaching its highest point since June.
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