Biggest Bitcoin Trading Pair Uses Obscure Stablecoin TrueUSD

The TrueUSD stablecoin, a token that was little known until this year, now makes up the largest Bitcoin trading pair in a major shift spurred by the Binance crypto exchange, according to data provider Kaiko.

Binance, the dominant digital-asset platform, scrapped zero-fee Bitcoin trading promotions on March 22 except for Bitcoin-TrueUSD. That stoked demand for the pair, lifting its share of Bitcoin trading volumes on Binance to 50% from negligible levels before the fee decision, Kaiko wrote in a note on Thursday.

The stablecoin “is the benefactor of increased volumes now, even if the reasons why Binance granted TUSD …