What Happened on Feb. 17th | Replacing $BUSD with $TUSD?

TI Research

Two news related to Binance caught the eyes today. Binance reported to have moved $400M from Binance US Bank account to CZ's company and market rumors about $TUSD potentially taking on a larger role in trading on Binance.

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.

Source: Galaxy Research

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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.

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