$TRU, the governance token of decentralized lending protocol TrueFi, experienced a surge of 90% in the past 24 hours, driven by speculation over a Binance stablecoin transaction.
Prior to the rally, Binance minted $50 million worth of TrueUSD ($TUSD) stablecoin, which sparked rumors among traders about $TUSD potentially taking on a larger role in trading on Binance due to the regulatory crackdown on Paxos-issued Binance USD ($BUSD).
However, it should be noted that TrustToken, the issuer of the TrueUSD ($TUSD) stablecoin, was no longer the ultimate owner of the product/business line since 2021, but the $TUSD team continued to be involved in running TUSD for compliance and management of underlying reserves.
The acquisition of $TUSD was led by Techteryx, an Asia-based conglomerate with businesses in Hong Kong, Singapore, Guangzhou, Shenzhen, and Beijing in the traditional real estate, entertainment, environmental, and information technology industries.
$TUSD is fully backed by US dollar and provides a real-time reserve asset dashboard.
Binance
Stablecoins
