Binance, the largest crypto exchange, has introduced a new trading pair for Dogecoin (DOGE). The top platform’s users can now use True USD (TUSD) when trading DOGE, crypto’s top meme coin by market capitalization.
The new DOGE/TUSD pair was introduced last April 28. Binance will enable the spot grid option after 48 hours. The exchange has also announced that users can enjoy zero maker fees using DOGE/TUSD until further notice.
Binance Expanding TUSD Pairs Due to Regulatory Uncertainty
Binance is slowly rolling out TUSD as an alternate stablecoin for Binance USD (BUSD). BUSD is now in a pickle because PAXOS, its issuer, is being investigated for alleged regulatory infractions. The New York Department of Financial Services (NYDFS) has directed Paxos to stop minting new BUSDs. Changpeng Zhao, Binance CEO, acknowledged that users will start migrating to other stablecoins over time and they will make product adjustments accordingly.
TUSD was launched by TrustToken in 2018. The Commonwealth of Dominica granted the stablecoin statutory status as authorized digital currency and medium of exchange on October 7, 2022. It is backed 1:1 to the US dollar and users can view their real-time reserve balance on the TUSD website. Its market capitalization is approximately $2 Billion at the time of writing.
Binance is Rolling with the Punches with the Introduction of the New DOGE Pair
The introduction of TUSD is Binance’s response to the scrutiny of its primary stablecoin. Regulators are making it hard for digital asset companies to do business in the country due to perceived risk. BUSD was minted by Paxos, a regulated company in New York. And as such is overseen by government agencies. This is supposed to be a good thing but these same agencies can at times overreach their mandates.
TUSD is registered in the Commonwealth of Dominica, which somewhat shields it from the overreach of U.S. financial regulators. This would hopefully give Binance users peace of mind when utilizing stablecoins.
Original announcement here
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