#Binance has announced a change in its Secure Asset Fund for Users (SAFU) holdings. In response to Paxos' announcement that it would no longer be minting new BUSD, Binance has swapped out BUSD holdings in SAFU for TUSD and USDT. This change is intended to ensure that assets in SAFU continue to protect users in the long term, as the BUSD market capitalization is expected to decrease over time.

The Secure Asset Fund for Users is a safety net established by Binance to protect its users' funds in case of a security breach or other unexpected events. The fund is funded by 10% of trading fees, and its assets are held in publicly verifiable addresses. Binance's decision to swap BUSD for TUSD and USDT will not have any impact on users, as the fund's assets are still held in publicly verifiable addresses.

#BUSD will continue to be supported on Binance, and the exchange has stated that it will observe the #safu fund closely to ensure that it is sufficiently capitalized. The fund will be topped up periodically as necessary using Binance's own funds. Binance's commitment to safeguarding its users' funds is a testament to the exchange's commitment to providing a secure and reliable trading platform.

It is important to note that Binance reserves the right to amend or cancel this announcement at any time and for any reasons without prior notice. Users who are interested in learning more about the Secure Asset Fund for Users can refer to the provided list of SAFU wallet addresses or visit Binance's website for additional information.

Overall, Binance's decision to swap BUSD for #TUSD and #USDT in the Secure Asset Fund for Users is a proactive move to ensure the safety and security of its users' funds. With the continued growth of the cryptocurrency market, it is crucial for exchanges to prioritize security and take measures to protect their users' investments. Binance's commitment to the SAFU fund is a testament to its dedication to providing a secure and reliable trading platform for cryptocurrency enthusiasts around the world.

In a recent development, Binance, one of the world’s largest cryptocurrency exchanges, has announced the suspension of its free trading program with BTC, except for the BTC/TUSD trading pair. This move has caused the price of TRU to increase by almost 30% within just one hour.

The CEO of Binance, CZ, tweeted that TRU should not be related to TUSD, but this quickly caused the price of TRU to plummet.

This decision by Binance is a significant one, as the exchange had previously offered free trading for BTC with 13 spot pairs to celebrate its fifth birthday. While this move boosted trading volumes on the platform, it also faced criticism. However, Binance has stated that Bitcoin trading will still be zero-fee on the platform, but only for the BTC/TUSD trading pair starting from March 22 at 00:00 UTC.

This move by Binance has further highlighted the exchange’s shift towards the stablecoin TUSD, following the severing of its relationship with BUSD due to legal issues with the US government. Previously, Binance had issued a large amount of TUSD stablecoin and introduced it into many trading pairs on the platform.

The price of TRU, a lending protocol of TrueFi, also rose significantly following this move, although in reality, the project is not closely related to TUSD. It is only a product that was previously under the TrueFi Protocol.

As can be seen in the chart below, the price of TRU has experienced a sharp increase within just one hour of the announcement by the exchange. At present, TRU is being traded at approximately $0.11, indicating a 165% surge in value over the last 30 days.

While Binance has maintained its zero-fee trading policy from then until now, the sudden announcement of the suspension of free trading with BTC, except for the BTC/TUSD pair, has surprised many in the crypto community. The decision has caused a significant impact on the price of TRU and has left many traders wondering what other changes might be in store for Binance in the future.

TrueFi is a decentralized finance (DeFi) lending protocol created by the TrustToken team. Unlike platforms such as Aave, Compound, and Venus that require borrowers to provide collateral, TrueFi offers uncollateralized loans with fixed interest rates. The project’s ultimate goal is to establish an automated, market-driven credit rating and lending system that can operate beyond the limitations of traditional protocols. Achieving this will involve overcoming obstacles such as rigid minimum/maximum APYs and a high TRU participation factor, as well as increasing user responsibility, particularly when it comes to approving new loan types and onboarding new borrowers not on the pre-approved whitelist.

#TRU #TUSD #Stablecoins #stablecoin #Binance

This article was republished from azcoinnews.com

According to a recent report by CryptoQuant, the stablecoin war is in full swing. The two leading stablecoins on the market, USDC and USDT, are competing for dominance in the cryptocurrency market. Currently, USDT has a slightly larger market capitalization share of 44.6%, while USDC has 43.78%.

The stability and reliability of stablecoins make them a preferred choice for many cryptocurrency users who seek to avoid the volatility associated with other cryptocurrencies. These digital assets are designed to maintain a stable value by being pegged to the value of fiat currency or other assets.

However, recent market trends suggest that the USDC stablecoin has lost 7.06% in market capitalization, while the USDT stablecoin has gained 6.2%. This trend has fueled speculation about which stablecoin will come out on top.

Despite USDT’s slight advantage in market capitalization share, USDC also has its advantages. For instance, USDC is more transparent in its operations, and regularly undergoes audits of its financial statements. This transparency could attract more users who are looking for a stablecoin they can trust.

Coingecko data shows that USDT’s supply has increased by more than 10% in the last 30 days to $76.97 billion, following issues faced by rival stablecoins. Lookonchain, an on-chain sleuth, reported that Tether minted 5 billion USDT tokens on Tron and Ethereum blockchain networks in the past seven days. This coincided with USDT’s supply reaching a ten-month high, and its market dominance rising to around 58%.

In addition to USDT, TrueUSD (TUSD) has also experienced significant growth in the last 30 days. The little-known stablecoin witnessed a massive surge in adoption, pushing its supply beyond 2 billion for the first time.

The competition between USDC and USDT is healthy for the cryptocurrency market, as it forces developers to continually improve their products and services. Ultimately, the stablecoin that provides the best product adapted to financial realities will emerge as the winner.

The stablecoin war may continue for a while, but ultimately, the cryptocurrency market will benefit from the increased competition and innovation that these stablecoins bring. It will be interesting to see which stablecoin comes out on top, but what is most important is the stability and reliability of the final product.

#USDT #USDC #Stablecoins #azcoinnews #TUSD

This article was republished from azcoinnews.com

Binance is unarguably the largest crypto exchange platform in the world with more than 28.6 million active users. It has developed many systems of rewards and advantages for its numerous users. Such rewards like staking of coins and earning daily from it, rewarding users for accomplishing different tasks, the binance #Launchpool to mention just a few.The most popular of all these systems of advantages is the Binance Lauchpool where you are allowed to farm coins that are yet to be listed on Binance by staking your BNB, FDUSD and TUSD. The Lauchpool has not only increased the price of BNB but has kept it on a steady increase.Just few days ago, the platform launched its 43rd project known as #XAI and as at today it was listed on binance and allows the trading pairs of #BNB, #FDUSD and #TUSD . There is anticipation in the air over the next coin that will be launched by the largest crypto exchange in the world known as Binance as this action usually has an impact on the price of any coin launched on its platform. While we await the next coin, please follow me for more updates.