Binance Makes Critical Announcement For These 8 Altcoins: Jumped! – Cryptokoin.com

Binance, one of the largest cryptocurrency exchanges in the world, came up with a few new announcements. Here are the details…

Binance lists 6 new trading pairs: TRU skyrocketed

Binance, one of the world’s largest cryptocurrency exchanges, announced today (March 11, 2023) that it will start trading for six new spot trading pairs at 17:00 Turkish time. The new pairs are BNB/TUSD, BTC/TUSD, ETH/TUSD, TUSD/USDT, USDC/USDT and USDP/USDT. This news cryptocoin.com As we have also reported, it came amid concerns over the solvency of Silicon Valley Bank (SVB), which has $3.3 billion worth of USDC reserves.

The announcement caused the price of the TRU token, mined by TrueFi behind TUSD, to rise more than 50 percent in the last 24 hours. The coin is currently trading at $0.12 and has a market cap of over $110 million. TRU’s 24-hour chart is as follows:

In preparation for the new trading pairs, Binance will stop BUSD Auto Conversion for users’ new deposits of USDC, USDP and TUSD respectively. Additionally, users will no longer be able to withdraw USDC, USDP or TUSD from their BUSD balance. However, users who want to convert their BUSD balance to USDC, USDP or TUSD at a ratio of 1:1 can do so manually on Binance Convert for USDC and USDP by March 18, 2023.

The exchange added $130 million in TUSD last week.

To celebrate the new trading pairs, Binance will offer two promotions for selected spot trading pairs. Promotion A offers zero trading fees on the BTC/TUSD pair and zero maker fees on the BNB/TUSD and ETH/TUSD pairs. Promotion B offers zero transaction fees on TUSD/USDT, USDC/USDT and USDP/USDT pairs. According to data from Nansen, a statistical unit as it is known, Binance added an additional $130 million worth of TrueUSD (TUSD) stablecoin to the market last week. As a result, the stablecoin’s circulating supply has now exceeded $1.34 billion.

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With this new market cap, TUSD has surpassed Frax (FRAX) to become the fifth largest stablecoin in the cryptocurrency market, behind Tether (USDT), USD Coin (USDC), Dai (DAI), and Binance USD (BUSD). TUSD, formerly known as TrustToken, is issued by ArchBlock and backed entirely by cash, according to their own statement.

TRU and more pairs added to cross margin

On the other hand, Binance has added TRU as a new loanable asset to its new margin pairs. The new cross-margin pairs, in their latest form, are as follows:

  • SelfKey (KEY) / Tether (USDT)
  • TrueFi (TRU) / Bitcoin (BTC)
  • TrueFi (TRU) / Tether (USDT)
  • Terra Classic USD (USTC) / Tether (USDT)
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Exchange completes contract exchange for STG

Finally, the exchange completed the Stargate Finance (STG) contract exchange (swap) on the AVAX C-Chain, Arbitrum One, BNB Smart Chain (BEP20), Ethereum (ERC20), Fantom and Polygon networks. So now STG deposits are open on AVAX C-Chain, Arbitrum One, BNB Smart Chain (BEP20), Ethereum (ERC20), Fantom and Polygon networks. Transactions such as deposits or withdrawals of legacy STG tokens will not be supported on these networks.

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