Advertisement
AD

Main navigation

TrueFi (TRU) up 64%, Here's Why and What Binance Had to Do With It

Advertisement
Tue, 28/02/2023 - 16:00
TrueFi (TRU) up 64%, Here's Why and What Binance Had to Do With It
Cover image via stock.adobe.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

The price of the TrueFi token, TRU, rose by more than 60% in today's trading session, while the crypto market continued to decline for the second week in a row. Impressive price action for the token occurred while TrueUSD (TUSD) became the fifth largest stablecoin, according to CoinMarketCap.

Advertisement
TRU to USD by CoinMarketCap

Related
BUSD Booted from Coinbase: What You Need to Know

It is highly likely that the explosion in the price of TRU, the governance token of TrueFi, the issuer of TUSD, is directly attributable to the latter's rapid ascent. Binance is rumored to be behind the active TUSD minting, having issued $130 million in the stablecoin in the past seven days.

According to speculation, having failed with Binance USD (BUSD), the black-and-yellow crypto giant began replacing withdrawn volumes specifically through TrueUSD. The largest TUSD inflows in 20 months were also noted by crypto analytics portal Santiment.

Related
Paxos and SEC Engaging in Discussions over BUSD Stablecoin

In addition, it turned out that the fund of Peter Thiel, the billionaire founder of PayPal, among others, participated in investment rounds in TrueFi.

Stablecoin season

The regulatory war declared on the crypto market in the new year has generated a number of new narratives, particularly in the stablecoin sector. Along with TrueFi (TRU), the Liquity protocol token (LQT), which is listed on Binance today, also showed the strongest pump in price. It had seemed that after the failure of UST from Terra, there was no room for new stablecoins on the market, but things turned out otherwise.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles