Reported Bloomberg, according to data provider Kaiko, TrueUSD, a stablecoin 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.
Binance scrapped zero-fee Bitcoin trading promotions on March 22, except for Bitcoin-TrueUSD, which stoked demand for the pair, lifting its share of Bitcoin trading volumes on Binance to 50% from negligible levels before the fee decision.
Kaiko also pointed out that Tether pairs account for 80% of total trading volumes across centralized crypto exchanges. TrueUSD is on 9% and poised to take second spot in coming months, it added. However, Kaiko notes that market depth data on Binance shows that BTC-USDT is still king from a liquidity standpoint, with market makers evidently more comfortable with exposure to Tether over TrueUSD.
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