Malta based cryptocurrency exchange Binance added TrustToken's TrueUSD (TUSD) as the base currency, expanding the available stablecoin trading pairs.
Adding to the original TUSD BTC pair, Binance will add the following trading pairs: BNB / TUSD, ETH / TUSD, XRP / TUSD, EOS / TUSD and XLM / TUSD. The couples, however, have not yet been integrated, and the TrustToken representatives have said Bitcoin Magazine that more information on integration will be revealed in a future blog post.
The addition of TrueUSD as a quote currency offers more options to traders on the platform, who previously could only use Tether (USDT) as a trading hedge against other major altcoin on the platform.
Binance's chief growth officer, Ted Lin, noted that the exchange had been favored by the growth of TrueUSD since the stablecoin was first listed in May 2018. At the time, Binance had listed TrueUSD, but traders they could only exchange it for ETH, BTC and BNB.
"Now with a market capitalization approaching $ 200 million, it is clear that the market evaluates their products and we are happy to support their continued growth, and they believe that while we are doing it reliably and transparently, it is crucial for development. future of the cryptographic ecosystem, "said Lin.
Tory Reiss, co-founder of TrustToken, told Bitcoin Magazine that Binance chose TrueUSD as a pair of shares because of the liquidity and confidence it is able to bring to the market. "TrueUSD is currently the largest regulated stablecoin, which will allow traders to have sufficient supply to negotiate securely with a stable price cryptocurrency," he said.
TrueUSD is one of the most popular stablecoins on the market and the 25th largest cryptocurrency by market capitalization, according to CoinMarketCap. The token was developed by the Trust Token project as a stablecoin supported 1: 1 by the US dollar. Even if its market capitalization could still be far from that of Tether, TrueUSD emerged from the Tether darkness, surpassing its competitor in its transparency through regular claims and a reliable creation / redemption portal on the TrustToken website.
"We've heard from traders who appreciate transparency and the ability to redeem themselves when it comes to using a stablecoin." We like to say that redemption leads to stability – when traders know they can exchange their tokens with US dollars, they can trust to use it in the market We will see projects focused on providing this type of transparency and security to their customers, and there will be very few reasons why a trader would choose to use a stablecoin that does not provide this ".
Last month, Binance added the PAX token as a base currency on its trading platform. The exchange also renamed its USDT market to a Stablecoin (USDⓈ) market, as it prepares to further increase state revenues in the near future.