Binance has started to support a new stablecoin after the Securities and Exchange Commission (SEC) legal action against BUSD (Binance USD) forced Binance to find another way to meet demand for stablecoins.
According to the network, Binance backed TrueUSD (TUSD) and a few other decentralized stablecoins, minting 180 million TUSD from February 16–24.
TrustToken, the operator behind the US dollar-pegged stablecoin TUSD A Binance partner since June 2019, Binance CEO Changpeng Zhao said the exchange will look at other options to diversify its stablecoin away from BUSD following regulatory action.
Just a few weeks later, Binance announced its support for the decentralized lending protocol Liquity (LQTY) and launched TrueFi (TRU) perpetual contracts.
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