Binance, one of the world’s largest cryptocurrency exchanges, has announced that it will list several trading pairs involving TrueUSD (TUSD) and phase out its support for Binance USD (BUSD).
The new pairs include LDO/TUSD, MATIC/TUSD, OP/TUSD, SOL/TUSD, SSV/TUSD and XRP/TUSD, and will be available to users starting from March 29, 2023 at 08:00 (UTC). Traders using these pairs will enjoy zero maker fees until further notice, as Binance seeks to encourage their adoption.
The move comes after Paxos Trust Company, which issues BUSD, announced that it would stop issuing new tokens as directed by the New York Department of Financial Services. Binance had been working to replace BUSD trading pairs with other stablecoins, and recently swapped out its BUSD holdings in the Secure Asset Fund for Users (SAFU) for TUSD and USDT.
TUSD is controlled by Justin Sun, a controversial entrepreneur who has just been sued by the SEC. Despite this, Binance assures users that the change will not impact them, and their funds will continue to be stored in publicly verifiable addresses.
The exchange is committed to SAFU, its emergency insurance fund established in July 2018 to protect users’ funds in case of security breaches or other unforeseen events. Binance committed a percentage of trading fees to grow the fund, which was valued at $1 billion as of Jan. 29, 2022. SAFU’s wallets initially consisted of BNB, Bitcoin, and BUSD, which has now been replaced by TUSD and USDT.
Binance emphasized that the change to TUSD will not impact users, and the funds will continue to be held in publicly verifiable addresses. The exchange will monitor the fund closely to ensure that it remains sufficiently capitalized and top it up periodically as necessary using its own funds.
