The TrueUSD (TUSD) stablecoin has become the fifth largest stablecoin by market capitalization, driven by the growing importance of cryptocurrency exchange giant Binance.
Binance, the world’s largest crypto exchange by trading volume, minted around $130 million worth of TUSD in the past seven days, according to blockchain data from crypto intelligence firm Nansen.
With the recent rally, the circulating supply of the TrueUSD stablecoin surpassed $1.1 billion, the highest level since last August, according to data from cryptocurrency price tracker CoinGecko.
According to the encrypted data platform DefiLlama, the market value of TUSD increased by 15% last week, surpassing the native stable currency frax (FRX) of the decentralized financial agreement Frax Finance, ranking fifth.
TUSD is a dollar-pegged stablecoin issued by cryptocurrency firm ArchBlock, formerly known as TrustToken. According to blockchain data provider ChainLink’s proof-of-reserve monitoring tool, its value is fully backed by fiat assets.
