On-chain knowledge launched by Lookonchain reveals Binance trade minted 180 million True USD (TUSD) tokens final month and has additionally added help for different stablecoin tasks amid an SEC’s Paxos Binance USD (BUSD) crackdown.
The US Securities and Trade Fee’s (SEC) cracked down on Paxos, the issuers of the Binance USD (BUSD) stablecoin in February. New on-chain knowledge has revealed that the world’s largest centralized trade (CEX) is actively exploring different stablecoin alternate options.
Per sources near the matter, Binance, which delisted Circle’s USDC late final yr, to focus extra on BUSD, minted 180 million TrueUSD (TUSD) in February. It additionally added help for the decentralized stablecoin mission Liquity (LQTY) in its innovation zone.
1/ With the SEC’s regulation of $BUSD, #Binance is seeking to collaborate with different stablecoin tasks.
– Minted 180M $TUSD from Feb 16 to Feb 24;
– Introduced itemizing $LQTY within the Innovation Zone on Feb 28;
– Introduced launching $TRU perpetual contract at the moment.
A thread🧵 pic.twitter.com/YqCDWkd3hE
— Lookonchain (@lookonchain) March 6, 2023
The blockchain analytics platform attributed the over 200% surge within the value of LQTY and TRU, to Binance’s adoption and elevated accumulation of the crypto belongings by whales.
The researchers have additionally revealed that the SEC-Paxos battle is having a constructive impact on the main decentralized stablecoins akin to Maker (MKR) and others, as their costs have elevated considerably of late.
Because the collapse of Do Kwon’s Tera USD (UST) algorithmic stablecoin final yr, regulatory watchdogs throughout the globe have tightened the noose on stablecoins.
As reported by crypto.information final month, the Canadian Securities Directors (CSA) launched stricter pointers for stablecoin issuers, to foster client safety.
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