How Far Has TUSD Gone Since Being Deployed on Binance Chain Three Years Ago?
August 2022 marks the third year since the stablecoin TUSD was deployed on Binance Chain. Binance Chain is a public chain launched by Binance in April 2019. In August 2019, TUSD was invited to go live on the Binance chain as one of the first stablecoin projects to join the Binance ecosystem. Binance Chain focuses on transfer services. Users can redeem BEP2-TUSD by minting on the official website of Binance after TUSD went live on Binance Chain. Users can also enjoy cheaper and faster transfers, making their token minting and redemption easier.
After going live on Binance Chain, TUSD started extensive cooperation with the Binance ecosystem, with the latter soon adding a dozen TUSD trading pairs and enabling the multi-chain deposits and withdrawals of TUSD. Moreover, in April 2021, TUSD was deployed on Binance Smart Chain, with BEP20-TUSD deposits and withdrawals enabled on Binance. The series of cooperation between TUSD and Binance demonstrates their mutual trust and support, as well as Binance’s recognition of TUSD’s stability, laying the groundwork for TUSD’s overall development in the Binance ecosystem. In February 2022, Binance Chain and Binance Smart Chain became BNB Chain. It is worth mentioning that after the UST-LUNA crash, TUSD is listed as one of the outstanding and reliable stablecoins in the Binance ecosystem by BSC Daily, a media platform on BNB Chain.
Since TUSD joined the Binance ecosystem, especially after it went live on the Binance Smart Chain, the extensive application of BEP20-TUSD has significantly lowered the cost and increased the efficiency of financial activities in the crypto world. By far, the supply of TUSD ranks fourth among stablecoins of the same kind in the Binance ecosystem, following USDT, USDC, and BUSD. As of August 16, BEP20-TUSD’s supply had reached 113 million, accounting for 9.27% of TUSD’s total supply. In addition, BEP20-TUSD is performing well on other chains, with the number of addresses with TUSD holdings hitting 12,743, and its transaction count marking 545,995. Today, TUSD is available on five decentralized exchanges on BNB Chain (PancakeSwap and Ellipsis, etc.), four lending protocols (Venus and Valas, etc.), and three yield aggregators (Acryptos and Beefy, etc.).
In recent years, TUSD has followed the trend, offering higher transparency and security for various public chains and DeFi ecosystems. Apart from BNB Chain, TUSD is also natively deployed on Ethereum, TRON, and Avalanche. While the majority of crypto assets are deployed on only one chain, TUSD chose to go live on multiple ones. Even though this might take longer to develop, it protects the stablecoin from cyber-attacks caused by frequent use of the cross-chain bridge, thus enhancing the security of the token. In the DeFi space, TUSD has been integrated with projects spanning DEXs, lending protocols, margin lending projects, and yield aggregators. Now, TUSD’s monthly trading volume on over 100 exchanges such as Binance, Huobi, and OKX has hit billions of USD.
As a USD-pegged stablecoin attested live on-chain, TUSD is favored by many investors thanks to its industry-leading transparency and full collateralization. Not only that, robustness is also what makes it stand out. As the data analysis firm CryptoQuant points out, TUSD is more robust than other stablecoins during a high redeeming supply flow.
The report also states that even though other stablecoins may have higher market caps, TUSD, GUSD, and USDP are more stable when subjected to high redeemed supply flow.
The stablecoin is considered a bridge between crypto and the real world, with its potential well-recognized. Besides major stablecoin projects, well-known DeFi protocols such as Curve and Aave plan to roll out their stablecoins. As a stablecoin frontrunner, TUSD is glad to embrace the promising future of the stablecoin industry. Financial security has always been users’ top concern, and that’s where TUSD’s core value lies. Down the road, TUSD will continue to set benchmarks in transparency, security, and robustness, offering more options and opportunities for users on BNB Chain and other public chains.
TrueUSD is the first digital asset attested live on-chain by an independent third-party institution and pegged at 1:1 to the U.S. dollar. So far, it has been listed on more than 100 trading platforms such as Binance, Huobi, and Poloniex, and has been deployed on 12 major public chains including Ethereum, TRON, Avalanche, BNB Chain, Fantom, and Polygon. TrueUSD is audited real-time by Armanino, the largest U.S.-based accounting firm, to ensure the 1:1 ratio of USD reserves to circulating token supply and the 100% collateral rate. Users can access the publicly available audit results via the official website tusd.io at any time.