TrueUSD (TUSD) has emerged as the fifth largest stablecoin by market cap after Binance began using the token as its dollar-pegged crypto of choice in late February. 

Last week, the BTC/TUSD trading pair surpassed 50% of Binance’s Bitcoin trading share, overtaking BTC/USDT.

Is TUSD Tether’s Next Rival?

According to an analysis from crypto market data provider Kaiko on Monday, BTC/TUSD became the largest Bitcoin market on Binance last week following a period of overwhelming dominance by BTC/USDT as recently as last month. 

https://twitter.com/KaikoData/status/1647910074096943104

USDT was launched by Tether back in 2014 as one of the first-dollar-pegged stablecoins, and remains the largest of such tokens by market cap today. Capturing over $80 billion in value as of April 2023, it maintains its peg to the dollar using liquid reserves comprised of both cash and short-term US Treasury bills. 

USDT gained significant ground against Circle’s USDC – one of its largest competitors – when Binance replaced the latter cryptocurrency at its exchange with BUSD in September. Tether’s market cap benefitted further after USDC temporarily depegged from the dollar amid the Silicon Valley Bank crisis in March. 

However, things took a turn when BUSD issuer Paxos was forced by US regulators to begin winding down operations in February. In search of ways to pivot away from it dependence on BUSD, Binance quickly began