As BUSD's Woes Continue, Could Binance Be Pivoting to TUSD
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Stablecoins have been in the crosshairs of regulators recently, with Binance’s BUSD drawing the ire of the SEC. Following the crackdown, Paxos, the issuer of BUSD, was ordered by the New York Department of Financial Services (NYDFS) to stop minting the coin. Meanwhile, the TrueUSD (TUSD) stablecoin has become the fifth-largest stablecoin by market capitalization after Binance turned its attention to the coin, minting around $150 million worth of TUSD since Monday, February 27. After witnessing the influx of TUSD, the price of TrueFi’s $TRU token rose from $0.064 to peak at $0.114 in 24 hours on Monday, February 27. However, investors buying up $TRU, believing it to be linked to TUSD, are mistaken as the two projects split in June 2022.
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