Binance offers no maker fees for TUSD trading pairs, is TUSD the next stablecoin?
The cryptocurrency exchange giant Binance has introduced a new promotion offering zero maker fees for the stablecoin TUSD. Starting on June 30th, the promotion applies to both spot and margin trading for TrueUSD.
The zero trading fee promotion for the USD stablecoin applies to all existing and new USD stablecoin pairs on Binance spot and margin markets, according to the announcement.
However, the standard taker fees on these TUSD spot and margin trading pairs will apply as usual.
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Maker and taker fees provide a transaction rebate to traders who provide liquidity to the market (maker) while charging traders who get that liquidity (taker).
Binance Expands BUSD Zero Maker Fee Offer
Binance has also announced that it is extending the BUSD zero maker fee promotion for another six months, until December 31, 2023.
This promotion covers existing and new BUSD spot and margin trading pairs, except for BTC/BUSD, BNB/BUSD, and ETH/BUSD. Standard taker fees will also apply to these BUSD spot and margin trading pairs.
According to the latest announcement, the promotion does not apply to BUSD-margined futures contracts on the crypto exchange.
Could TUSD Be the Next Tether Stablecoin?
The latest promotional offer on TUSD trading pairs does not come as a complete surprise. Binance adopted TUSD after facing regulatory issues relating to its native BUSD stablecoin.
On June 10, TrueUSD halted the minting of the stablecoin through Prime Trust.
Binance minted around $1 billion TUSD on the Tron network, according to Arkham Intelligence.
Currently, TUSD is live on 12 public chains, including Ethereum, TRON, Avalanche, BSC, Fantom, and Polygon.
Despite a significant difference in market cap and trading volume, with TUSD having a market cap of $3.1 billion compared to USDT’s $83.1 billion, TrueUSD has experienced a surge in popularity, thanks to support from Binance.
TUSD, which is the fifth-largest dollar-pegged stablecoin, is issued by crypto firm ArchBlock (formerly known as TrustToken).
Binance faces regulatory backlash in multiple countries
The latest announcement comes amid an increasing regulatory backlash against Binance, the world’s largest crypto exchange in terms of trading volume.
The US SEC filed a lawsuit against the crypto exchange and its CEO, Changpeng Zhao, earlier this month.
In addition, Binance is currently under investigation for alleged money laundering activities in France.
The exchange has also withdrawn its application to operate in the United Kingdom and has requested the securities regulator in Cyprus to terminate its registration.
