TrueUSD, a little-known stablecoin, has become the largest Bitcoin trading pair, according to data from the crypto research platform Kaiko. This is due to a major shift spurred by Binance, which scrapped its zero-fee Bitcoin trading promotions, except for Bitcoin-TrueUSD, last month. This provided a significant boost in demand for the TrueUSD stablecoin, which saw its share in Bitcoin trading volumes on Binance jump to 50%. TrueUSD's market value has also jumped 3x to $2 billion, making it the fifth-largest stablecoin in the market. Despite TrueUSD's parabolic rise, Tether's USDT stablecoin still contributes the largest liquidity for the Bitcoin trading pairs. The BTC-USDT trading pair accounts for 80% of total trading volumes across centralized crypto exchanges, while TrueUSD is at 9% and is likely to take the second spot in the coming months.
(By Bhushan Akolkar)
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