What Happened on Feb. 17th | Replacing $BUSD with $TUSD？
Binance had minted $50 million worth of TrueUSD stablecoin ($TUSD), leading to rumors that $TUSD could play a larger role in trading on Binance due to regulatory issues with Paxos-issued Binance USD.
According to 0xScope, an on-chain analysis protocol, money flow shows that in 2023 the same wallet addresses also minted: $4.99B $BUSD and $1.37B $USDC. This is the first time the address minted $TUSD ever, this could suggest Binance may use $TUSD as a new stablecoin on its exchange.
$TUSD was originally a product of TrueFi, while now it was no longer the ultimate owner of the product/business line since 2021, although the TrueFi team continued to be involved in running $TUSD for compliance and management of underlying reserves. A company called Techteryx now owns the $TUSD business , which is 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.
When digging deeper, it appears that Techtery is based in Shenzhen, China, according to a research report from Galaxy Research.
Biggest Gainers & Losers
Binance Reported to Have Moved $400M from Binance US Bank Account to CZ's Company: It is reported that more than $400m was transferred from Binance US account at Silvergate Bank to a market making firm called Merit Peak, which is managed by Binance CEO CZ. Binance US has responded to the report, saying that only Binance US employees have access to the company's bank account.
TrueUSD's Potential Role on Binance Sparks $TRU Token Rally: $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.
Platypus Finance Suffers $8.5M Attack, USP Stablecoin Loses Dollar Peg: Another hack in DeFi, Platypus Finance was attacked in a flash loan exploit, resulting in the protocol's stablecoin, Platypus USD ($USP), losing its dollar peg and falling to 48 cents from $1.
Hot projects on the market
Optimism Delays Bedrock Upgrade Vote Until March 2nd
The Graph Network now supports Arbitrum
Collab.Land, the Discord Plugin, Launches Token $COLLAB, Discord User can go to Claim
Archimedes, a New Lending Protocol on Ethereum, Will Launch Token $ARCH on February 17
Gaming Guild YGG Closes $13.8 Million in Funding Led by a16z Crypto and DWF Labs
Binance to List Gains Network ($GNS) at 11:30am UTC Today
Other news in case you missed it:
Bank of Japan to Launch Pilot for Digital Yen in April
SEC Charges Terraform and Do Kwon with Orchestrating Multi-Billion Dollar Crypto Asset Securities Fraud
Web3 Security Company Stelo Labs Closes $6 Million Seed Round Led by a16z