Binance Mints $130M in TUSD, Becomes Fifth Largest Stablecoin
Binance is one of the largest and most popular cryptocurrency exchanges globally, and it is known for its speedy transactions and wide selection of digital assets. Recently, the platform announced that it had minted about $130 million in TUSD stablecoins over the past seven days. It makes TUSD the fifth-largest stablecoin by market cap, surpassing Paxos Standard (PAX).
Binance’s TUSD Mints $130 Million
Binance is now the fifth-largest stablecoin issuer by market capitalization, surpassing PAX with a $1.12 billion market cap. It comes after the platform minted about $130 million in TUSD over the past seven days, which marks a 15% increase over the past week.
TUSD Moves Up to #5 Stablecoin by Market Cap
As a result of the surge in TUSD mints, the stablecoin has jumped up to the fifth spot on the list of stablecoins by market capitalization. TUSD is now behind USDT, USDC, GUSD, and DAI regarding market cap. It is an excellent achievement for the Binance team and shows their commitment to creating a robust platform for digital assets.
Binance Announces Plans to Work with More Stablecoins
To show its commitment to the stablecoin market, Binance has also announced plans to work with more stablecoin partners. It could lead to more integration of different stablecoins into the Binance platform and more options for users.
Investing in Stablecoins
Stablecoins are becoming increasingly popular as an investment vehicle due to the low volatility of their value. Unlike other cryptocurrencies, their value is not subject to market speculation or manipulation. Furthermore, they provide a haven for investors looking to diversify their portfolios without exposing themselves to the risks associated with investing in traditional assets.
Binance’s recent success in minting $130 million in TUSD stablecoins has propelled them to the fifth spot in the list of stablecoins by market capitalization. It is an excellent achievement for the platform and shows they are committed to facilitating more transactions with stablecoins. Furthermore, it also provides investors with more options for diversifying their portfolios as well as providing a hedge against market volatility.
