Not surprising? Binance holds 90% of TUSD circulating supply, TUSD market value nearly triples in six months

After Binance updated a batch of new addresses with a data tracking platform, the proportion of TUSD holdings surged to $2.7 billion, with the total circulation of TUSD slightly above $3 billion. With Binance's operation of "abandoning BUSD to hold TUSD," Binance holds nearly 90% of the TUSD supply.

TUSD Surges from $800 Million to $3 Billion

The circulating supply of TUSD has skyrocketed from around $800 million earlier this year to the current $30.1 billion, marking a 275% increase in market capitalization.

The main contributing factor to this surge was the extended promotion from Binance for TUSD after the issuer of BUSD, Paxos, came under investigation by the New York Department of Financial Services (NYDFS) in February this year, leading to a halt in BUSD issuance.

Recap: BUSD Incident Summary｜Is Stablecoin a Security? Regulatory Demands to Halt Issuance? Binance's Zhao Changpeng Responds? Relationship with USDC?

Subsequently, Binance began actively supporting TUSD and initiated a series of related activities:

• 03/17/2023: Replaced BUSD with USDT, TUSD in the SAFU Fund

• 03/28/2023: Introduced multiple TUSD-based trading pairs including XRP/TUSD

• 04/12/2023: TrueUSD officially launched TUSD on the BNB Chain

• 04/20/2023: Added TUSD to Binance's P2P platform for the Vietnamese market

• 05/01/2023: Designated TUSD as the base coin for Launchpool

• 06/21/2023: Launched a zero maker fee promotion for TUSD trading pairs

With such deliberate promotion efforts, the circulation of TUSD has become highly concentrated on Binance.

90% of TUSD Circulation on Binance

According to data from TrueUSD official website and CoinGecko, the circulating supply of TUSD exceeds $30 billion.

However, data from DefiLlama indicates that Binance holds nearly $2.7 billion worth of TUSD.

DL News pointed out that after Binance updated a batch of new addresses with data tracking platforms, the percentage of TUSD holdings by Binance significantly increased.

Additionally, around $2.2 billion is on the Tron blockchain and $700 million is in circulation on the Ethereum network.

Kaiko's report indicates that the daily trading volume of TUSD on decentralized exchanges is only $2 million.

Meanwhile, the daily trading volume on Binance exceeds $2 billion.

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• In-depth investigation into TUSD and Justin Sun's related enterprises! Crypto Investigator Adam: Trusting TUSD is trusting Justin Sun

DL News requested a response from representatives of TrueUSD but has not received any feedback as of yet.