{"id":552948,"date":"2023-02-17T05:22:59","date_gmt":"2023-02-17T02:22:59","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/binance-mints-50m-trueusd-days-after-paxos-ordered-stop-issuing-busd\/"},"modified":"2023-02-17T05:22:59","modified_gmt":"2023-02-17T02:22:59","slug":"binance-mints-50m-trueusd-days-after-paxos-ordered-stop-issuing-busd","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/binance-mints-50m-trueusd-days-after-paxos-ordered-stop-issuing-busd\/","title":{"rendered":"# Binance mints 50M TrueUSD days after Paxos ordered stop issuing BUSD"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2554d367905\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2554d367905\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/binance-mints-50m-trueusd-days-after-paxos-ordered-stop-issuing-busd\/#%E2%80%9D_Binance_mints_50M_TrueUSD_days_after_Paxos_ordered_stop_issuing_BUSD_%E2%80%9C\" >&#8221; Binance mints 50M TrueUSD days after Paxos ordered stop issuing BUSD &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Binance_mints_50M_TrueUSD_days_after_Paxos_ordered_stop_issuing_BUSD_%E2%80%9C\"><\/span>&#8221; Binance mints 50M TrueUSD days after Paxos ordered stop issuing BUSD &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDIvZWNlYjM4YWEtMmNlYy00ZTg1LTk2NmMtODIyMTdkY2M5Y2QyLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-48054ca8>Only days after reports of United States regulatory scrutiny of Paxos and Binance USD (BUSD), cryptocurrency exchange Binance has minted nearly $50 million worth of TrueUSD (TUSD).<\/p>\n<p>The transaction took place on Feb. 16, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/etherscan.io\/address\/0xe0f992fcea15b498c5ec3783d6fdbfae9dda7318\">according<\/a> to data from Etherscan, and also comes two days after Binance CEO Chanpeng &#8216;CZ&#8217; Zhao said in a Feb. 14 <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> Spaces that Binance would look to \u201cdiversify\u201d its stablecoin holdings away from BUSD.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">We&#8217;re live!<\/p>\n<p>Tune-in to our Twitter Space AMA with <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/cz_binance?ref_src=twsrc%5Etfw\">@cz_binance<\/a> below <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/bXIztCKdry\">https:\/\/t.co\/bXIztCKdry<\/a><\/p>\n<p>\u2014 Binance (@binance) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/binance\/status\/1625472646367281154?ref_src=twsrc%5Etfw\">February 14, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>Despite minting nearly $50 million in TUSD from the TrustToken platform\u2019s smart contract on Feb. 16, CZ had earlier said the recent regulatory action by the United States Securities Exchange Commission (SEC) and the New York Department of Financial Services (NYDFS) over the long term may lead to a fall in the dominance of U.S. dollar-backed stablecoins.<\/p>\n<blockquote><p>\u201cI think with the current stances taken by the regulators on the U.S. Dollar-based stablecoin, the industry will probably move away to a non-U.S. Dollar-based stablecoin, back to algorithmic stablecoins.\u201d<\/p><\/blockquote>\n<p>\u201cThere\u2019s multiple agencies putting <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>lied pressure there. It is just going to shrink the U.S. Dollar-based stablecoin market,\u201d he added.<\/p>\n<p>CZ said that \u201cthis has prompted us to look for more options in different places\u201d and that they\u2019re now exploring other options. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">50M <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/TUSD?src=hash&amp;ref_src=twsrc%5Etfw\">#TUSD<\/a> minted at <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Binance?src=hash&amp;ref_src=twsrc%5Etfw\">#Binance<\/a> and the price of <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24TRU&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$TRU<\/a> increased by 200%.<\/p>\n<p>On-chain data shows that <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Alameda?src=hash&amp;ref_src=twsrc%5Etfw\">#Alameda<\/a> and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/justinsun?src=hash&amp;ref_src=twsrc%5Etfw\">#justinsun<\/a> are the two largest minters of <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24TUSD&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$TUSD<\/a>.<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Alameda?src=hash&amp;ref_src=twsrc%5Etfw\">#Alameda<\/a> minted a total of 1.64B <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24TUSD&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$TUSD<\/a> in history.<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/justinsun?src=hash&amp;ref_src=twsrc%5Etfw\">#justinsun<\/a> minted a total of 889M <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24TUSD&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$TUSD<\/a> in history. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/N1tUjFQm5U\">pic.twitter.com\/N1tUjFQm5U<\/a><\/p>\n<p>\u2014 Lookonchain (@lookonchain) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/lookonchain\/status\/1626270890903359490?ref_src=twsrc%5Etfw\">February 16, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>While the CEO stated that Binance would provide more support for USD Coin (USDC) and Tether (USDT) over the short term \u2014 in expectation that BUSD \u201cwinds down over time\u201d \u2014 he added that they\u2019re now looking to explore more into Euro and Japanese Yen-based stablecoins.<\/p>\n<p>As for BUSD, CZ said \u201cthe existing circulating supply of BUSD is there and safe, and as more people want to redeem, they will be burned.\u201d<\/p>\n<p>Interestingly, the Binance CEO added that he was never too bullish on the success of the Binance-branded BUSD stablecoin anyway:<\/p>\n<blockquote><p>\u201cTo be honest BUSD was never a big business for us, when we started I actually thought the BUSD project may fail, so we actually don\u2019t have very good economics on that collaboration.\u201d<\/p><\/blockquote>\n<p>Interesting, in September, TUSD was one of the stablecoins that Binance auto-converted to BUSD to enhance liquidity and capital-efficiency for its users. Other stablecoins that got auto-converted were USDC and USDP Stablecoin (USDP). This drove up BUSD\u2019s share in the stablecoin market from 10% to 15% in a matter of weeks.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>TrueUSD and Balancer Offer Liquidity Providers TUSD and BAL Rewards from Stablecoin Pool Incentive Program <\/em><\/strong><\/p>\n<p>TrustToken launched TUSD on Mar. 5, 2018, which operates on the Ethereum, Avalanche, MATIC and Tron networks.<\/p>\n<p>New TUSD is minted whenever a buyer wires USD to a third-party escrow that holds USD deposits on Prime Trust&#8217;s behalf. Once received, TUSD will be transferred in a 1:1 ratio to the USD sent to the trader\u2019s nominated ERC-20 or BEP-2 wallet address. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"defi_newsletter\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/binance-mints-50m-trueusd-days-after-paxos-ordered-stop-issuing-busd\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Binance mints 50M TrueUSD days after Paxos ordered stop issuing BUSD &#8220; Only days after reports of United States regulatory scrutiny of Paxos and Binance USD (BUSD), cryptocurrency exchange Binance has minted nearly $50 million worth of TrueUSD (TUSD). The transaction took place on Feb. 16, according to data from Etherscan, and also comes&#8230;<\/p>\n","protected":false},"author":1,"featured_media":552949,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/eceb38aa-2cec-4e85-966c-82217dcc9cd2.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,75014,138848,77672,74898,75493,112032,75269,82350,74355,117,70934,36041],"class_list":["post-552948","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-binance","tag-binance-usd","tag-changpeng-zhao","tag-sec","tag-stablecoin","tag-trueusd","tag-us-government","tag-usd-coin","tag-adoption","tag-business","tag-regulation","tag-tether"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/552948","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=552948"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/552948\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/552949"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=552948"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=552948"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=552948"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}