Binance Listing TrueUSD ($TUSD) on 18/05/2018
Just this morning, Binance tweeted that they will be listing TrueUSD ($TUSD) on 18/05/2018.
Binance will open trading for TUSD/BNB, TUSD/BTC and TUSD/ETH trading pairs at 2018/05/18 04:00 AM (UTC). Users can now start depositing TUSD in preparation for trading.
Note: TUSD is a stablecoin. The value is designed to be 1 TUSD = 1 USD.”
— Binance (@binance) May 16, 2018
This marks a huge step forward for the exchange, and a potential boost to the initial trading pairs BTC, EHT and BNB. Following some doubts over Tether’s real liquidity and reserves, TrueUSD will be held as U.S Dollars in multiple trust bank accounts, with signed escrow agreements. By spreading the risk and account obligation, investors should feel more comfortable converting their funds into a more stable coin.
Furthermore, it seems Binance are addressing the USD Tether criticisms head on, stating that the content of these bank accounts will be published every day, and subject to monthly audits.
In a bid to solidify their compliance as a leading exchange, KYC/AML checks will be mandatory for anyone wanting to use the new pairings and currency. Considering the pumps that cryptocurrency tokens and coins have experienced when being listed with Tether as a trading pair, one can only imagine the market effects this will have as an audited and ‘real’ fiat backed cryptocurrency. Expect more breaking announcements during this week’s Consensus.
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