Binance mints $213 million TrueUSD amidst Bitcoin and altcoins decline
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In a sudden twist in the cryptocurrency market on Thursday, Bitcoin‘s value saw a 2% drop from its opening figure. This unexpected downturn also impacted altcoins, with XRP and Ethereum (ETH) experiencing declines of 3.37% and 2.2%, respectively.
Amidst this turbulence, an intriguing development occurred as Binance, the world’s leading cryptocurrency exchange platform, minted $213 million worth of TrueUSD (TUSD) stablecoin within a matter of minutes. This substantial production of TUSD comes following recent issues with Binance’s own stablecoin, BUSD, which has led the platform to increasingly favor TUSD.
The large-scale minting of TUSD has sparked speculation about Binance’s strategy in response to the market’s abrupt downturn. It is unclear whether this action was a calculated response to the sudden slump or prompted by the need for additional TUSD liquidity to cater to increased demand for trading pairs. Some market observers propose that these funds could potentially be used for market-making and manipulation purposes or to inject liquidity into the market during periods of instability.
Binance CEO Changpeng Zhao has previously highlighted the crucial role that stablecoins play in the cryptocurrency market, referring to them as its «fuel». However, the exact purpose and destination of this significant injection of «fuel» remain indeterminate.
