As the Binance USD (BUSD) stablecoin faces regulatory scrutiny, the world’s largest crypto exchange Binance is now focusing on the TrueUSD (TUSD) stablecoin.

Data from crypto intelligence firm Nansen shows that Binance has minted more than $130 million worth of TUSD stablecoins over the last week. As a result, TUSD has surged to become the fifth-largest stablecoin by market cap.

The data on CoinGeckco shows that the circulating supply of the TrueUSD stablecoin has surpassed $1.1 billion which is the highest level since August 2022. In its recent climb to the number 5 spot, TrueUSD has left behind other popular stablecoins such as decentralized finance protocol Frax Finance’s native stablecoin frax (FRX), Paxos Dollar (USDP), Gemini Dollar (GUSD), and others.

Previously known as Trust Toke, TUSD is a dollar-pegged stablecoin issued by crypto firm ArchBlock. As per Chainlink’s proof-of-reserve monitoring tool, TUSD’s value is fully backed by fiat assets.

Over the last month, the market cap of BUSD has been on a steep decline dropping from $16 billion to now at $10 billion. But it is still the third-largest stablecoin by market cap as of date.

On the other hand, the TUSD exchange reserves have surged by nearly 40% between Feb. 13 and Feb. 22. Crypto exchange Binance is the major driver behind it.