• TRU, the governance token of decentralized lending protocol TrueFi, surged 220% on Thursday in an hour due to speculation about a Binance stablecoin transaction.
• The speculation appears to have been caused by traders mistakenly connecting TUSD (a stablecoin issued by TrueFi in the past but no longer is) with TRU.
• Binance minted $50 million of TrueUSD (TUSD) stablecoin and this sparked speculation among crypto traders about its role in trading after regulatory crackdowns on Paxos-issued BUSD.
TRU Token Rallies Over 200% After Binance’s TUSD Mint Sparks Speculation
The rally appears to come from traders mistakenly connecting TRU with TUSD, a stablecoin that had been issued by TrueFi in the past but now no longer is. By Krisztian SandorFeb 16, 2023 at 6:03 p.m. UTCUpdated Feb 16, 2023 at 7:24 p.m. UTC
TRU Surges 220% On Speculation Of Binance Stablecoin Transaction
TRU, the governance token of decentralized lending protocol TrueFi, surged 220% on Thursday in an hour, data by CoinMarketCap shows, due to speculative flurry over a Binance stablecoin transaction. Before the rally took off, Binance minted $50 million of TrueUSD (TUSD). This sparked speculation among crypto traders about its role in trading after regulatory crackdowns on Paxos-issued BUSD .
TrueFi and TrustToken Separate
TrustToken sold TUSD in 2020 to a firm called Techteryx and also separated from the TrueFi protocol which went on a road to decentralize the platform. This means that TRU is unrelated to any current version of TUSD being issued or traded on Binance.
Binance USD Drama Sets Stage for Stablecoin Market Reshuffling
The drama surrounding Paxos‘ decision to halt minting BUSD has set stage for reshuffling within the global stablecoin marketplace as other issuers look for ways to gain market share while maintaining compliance with regulations around the world .
TRU Token Recovers Some Gains After Rally
After peaking at 14.6 cents from 4.4 cents earlier on Thursday , TRU later pared some gains and was trading at around 11 cents at press time .