Binance to Slash Maker Fees for TUSD Spot and Margin Pairs

Investing

Published: June 21, 2023 10:17 pm

Binance published a blog post on Wednesday announcing the launch of a new zero-maker fee promotion for TrueUSD (TUSD) spot and margin trading pairs, set to come into effect at the end of June. Further, the exchange also extended no-fee promotion periods for Binance USD (BUSD) until December 31, 2023.

No-Fee Promotion For TUSD Trading Pairs to Start on June 30th, 2023

Binance, the leading crypto exchange in terms of trading volume, announced the launch of a no-fee promotion for TUSD spot and margin trading pairs. Per the announcement, the promotion will take effect on June 30, 2023.

The company said it “will also be updating the zero trading fee promotion for USD stablecoin pairs such that it applies to all existing and new USD stablecoin pairs on Binance spot and margin markets.” In addition, it also plans to extend the BUSD zero maker fee promotion for another six months to December 31, 2023.

“During the promotion period, users will enjoy zero maker and taker fees on all existing and new USD stablecoin spot and margin pairs, including but not limited to BUSD/USDT, TUSD/BUSD, TUSD/USDT, USDC/USDT, and USDP/USDT. “

– the announcement said.

Binance Ramps Up Bets on TUSD

The rollout of zero maker fee promotion for TUSD trading pairs adds to the recent speculations that Binance may be looking to make TUSD the largest stablecoin on its platform, particularly after US regulators ceased the issuance of new BUSD tokens earlier this year.

In February, the world’s biggest crypto exchange minted around $130 million worth of TUSD coins in a few days, turning it into the fifth-largest stablecoin by market cap. The move came two weeks after the New York Department of Financial Services (DFS) ordered Paxos, a blockchain infrastructure firm behind BUSD, to stop minting new coins. According to Binance, BUSD was issued and managed by Paxos, while the crypto exchange only licensed the asset’s brand.

Since the DFS’s intervention, BUSD’s market cap plummeted drastically from $16.1 billion to $4.3 billion, forcing Binance to consider other options. At the moment, TUSD’s market valuation stands at $3.14 billion, behind Tether (USDT), USD Coin (USDC), Dai (DAI), and BUSD.

Meanwhile, Binance, recently targeted by the Securities and Exchange Commission (SEC) in the US, launched a regulated digital asset trading platform in Kazakhstan.

This article originally appeared on The Tokenist

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