BTC-TUSD becomes the largest Bitcoin pair on Binance

Less than 30 days will have been necessary for BTC-TUSD outperforms BTC-USDT and become the most important pair from Bitcoin trading on Binance.

This Monday, crypto data provider Kaiko reports that BTC-TUSD is now the largest Bitcoin marketplace on the Binance exchange.

That was fast. It took less than a month for BTC-TUSD to become the largest BTC market on Binance. The no-fee pair crossed 50% market share for the first time last week, surpassing USDT, Kaiko tweeted.

The BTC-TUSD pair began to gain traction when Binance announced it would end bitcoin trading at no cost, except with TUSDa stablecoin issued by ArchBlock whose capitalization has more than doubled since the announcement of the world’s number 1 cryptocurrency exchange. It now stands at 2 billion dollars compared to less than $1 billion at the end of March.

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After Paxos was forced to stop issuing BUSD, Binance was entirely dependent on Tether. It is a centralized point of failure that the entire industry had, all concentrated in one stablecoin. TUSD is a way to diversify that concentration, but the issuer is still relatively unknown “, explained Clara Medalie, director of research at Kaiko, recently.

The growth of BTC-TUSD did not make up for the drop in trading volume of BTC-USDT due to the reactivation of trading fees.

Binance started to put TUSD on the front burner after BUSDits stablecoin issued in partnership with Paxos, to be shut down by the U.S. regulator New York Department of Financial Services.


Source : Coingecko

The stablecoins market is currently largely dominated by theUSDT Tether ($81bn market cap) and Circle’s USDC ($31bn).

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Next in line is BUSD ($6bn), DAI ($5bn), TUSD ($2bn), FRAX and USDP ($1bn).

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