Sunday, June 23, 2024

Binance Introduces Zero Maker Fees for TUSD Trading Pairs – The Next Tether Stablecoin In Line?

Binance, a leading cryptocurrency exchange, announced a new promotion for stablecoin TUSD with 0% maker fees. The special offer applies to TrueUSD spot and margin trading beginning on June 30.

According to the statement, all current and new USD stablecoin pairs on Binance’s spot and margin markets are eligible for the promotion’s free trading cost policy. 

On these TUSD spot and margin trading pairings, the customary taker fees will still be in effect. 

Maker and taker fees give traders who add liquidity to the market (makers) a transaction rebate while taxing traders who buy that liquidity (takers). 

Binance Expands BUSD Zero Maker Fee Offer

Additionally, Binance revealed that it would prolong the six-month BUSD zero-maker fee promotion, concluding on December 31, 2023. 

With the exception of BTC/BUSD, BNB/BUSD, and ETH/BUSD, this promotion applies to both new and existing BUSD spot and margin trading pairings. These BUSD spot and margin trading pairings will also be subject to standard taker fees.

According to the most recent notice, the incentive does not apply to BUSD-margined futures contracts on the cryptocurrency exchange. 

TUSD might replace Tether as a stablecoin.

The most recent promotional deal on TUSD trading pairs is not entirely unexpected. After encountering regulatory problems with its native BUSD stablecoin, Binance adopted TUSD. 

TrueUSD stopped the minting of the stablecoin through Prime Trust on June 10. According to Arkham Intelligence, Binance generated about $1 billion TUSD on the Tron network. 

TUSD is operational on 12 public chains, including TRON, Avalanche, BSC, Fantom, Polygon, and Ethereum.

Despite having a far smaller market value and trading volume than USDT (which has a market valuation of $83.1 billion versus $3.1 billion for TUSD), TrueUSD has grown in popularity due to Binance’s backing. 

The cryptocurrency company ArchBlock, which used to be called TrustToken, makes TUSD, which is the fifth-largest dollar-pegged stablecoin.

Regulators are criticizing Binance in several nations. The most recent announcement coincides with Binance facing a growing regulatory reaction despite being the biggest crypto exchange globally in terms of trading volume.

Earlier this month, the US SEC filed legal action against the cryptocurrency exchange and Changpeng Zhao, its CEO. 

Additionally, Binance is currently the subject of an inquiry into possible money laundering in France. 

Additionally, the exchange has withdrawn its application to conduct business in the United Kingdom and asked Cyprus’ securities watchdog to revoke its registration.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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