Binance Introduces Zero Maker Fees for TUSD Trading Pairs – The Next Tether Stablecoin?
Crypto exchange giant Binance has announced a new zero-maker fee promotion for stablecoin TUSD. Starting from 30th June, the promotional offer covers both spot and margin trading for TrueUSD.
The zero trading fee promotion for USD stablecoin applies to all existing and new USD stablecoin pairs on Binance spot and margin markets, as per the announcement.
However, the standard taker fees on these TUSD spot and margin trading pairs will apply as usual.
Maker and taker fees offer 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 also announced that it is extending the BUSD zero maker fee promotion for another six months to 31st December 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 on these BUSD spot and margin trading pairs.
As per 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, Arkham Intelligence reported.
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.
Additionally, 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The exchange has also withdrawn its application to operate in the United Kingdom and has requested the securities regulator in Cyprus to terminate its registration.