Binance has turned to a new set of stablecoins in the wake of the United States Securities and Exchange Commission’s (SEC) regulatory action against its native stablecoin, Binance USD (BUSD).
The SEC had sent a Wells notice, alleging BUSD violates U.S. securities law.Following the SEC’s notice, the New York Department of Financial Services (NYDFS) asked BUSD issuer Paxos Trust to stop minting new BUSD altogether.
The minting ban on BUSD has forced Binance to seek alternative methods to meet its stablecoin needs. According to on-chain data, the largest cryptocurrency exchange by trading volume is looking to onboard TrueUSD (TUSD) and ad support for a few decentralized stablecoins.
The crypto exchange minted 180 million TUSD from Feb. 16–24.1/ With the SEC’s regulation of $BUSD, #Binance is looking to collaborate with other stablecoin projects.- Minted 180M $TUSD from Feb 16 to Feb 24;- Announced listing $LQTY in the Innovation Zone on Feb 28;- Announced launching $TRU perpetual contract today.A thread pic.twitter.com/YqCDWkd3hETrustToken, the operator behind U.S.Read more on cointelegraph.com