After last weeks delays due to popular demand, Binance have finally initiated trading in TrueUSD, the stablecoin competition to Tether (USDT).

Just after the launch, the stablecoin’s price spiked slightly to $1.10, but quickly corrected again back to $1.00.  Previous spikes caused by bots have pushed it as high as $1.30.

In the 24 hours since being listed it has seen increases of up to 18 million tokens and a volume growth of $12 million.

Unlike USDT, TrueUSD will not inject liquidity into altcoins but rather serve to hedge against volatility. Its purpose is to store value for BTC in the event of falling prices during market downturns.

Tokens for TrueUSD are only created when cash purchases are made through the app and the supply is said to not exceed the dollar amount available in the third-party fiduciary’s escrow account.

With the halt in minting of Tether (USDT) coins and their stabilization of crypto trading at 15%, TrueUSD could be a necessary platform for new buyers to get into the market.

TrueUSD’s total market cap recently crossed the $20 million threshold.

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