Binance, the world's largest cryptocurrency exchange, now holds almost 90% of TrueUSD after an overnight spike saw over $2 billion of the dollar-pegged stablecoin move to the platform. This brings Binance's TrueUSD holdings from less than $500 million to almost $2.7 billion.

TrueUSD is currently the fifth largest stablecoin and has seen an increase in market capitalization in 2023 due in part to Binance's promotion of the stablecoin, which includes not charging maker fees on all TUSD spot and margin trading pairs.

However, TrueUSD has faced scrutiny due to its association with Nevada-based crypto custodian Prime Trust, which recently collapsed. This has raised concerns about the backing of TUSD. Of the $3 billion TUSD in circulation, more than $2.2 billion are on the Tron blockchain, with another $700 million on Ethereum. Daily TUSD trade volumes on decentralized exchanges averaged about $2 million in Q2 of 2023, while about $2 billion was traded on Binance.