Binance, the world’s largest cryptocurrency exchange, has announced a new promotion for its users. The exchange is now offering a zero-maker trading fee for the stablecoin TUSD. The move comes as the company looks to expand its offerings and attract new users.
Zero trading fee promotion for USD stablecoin pairs on Binance spot and margin markets
The zero trading fee promotion for USD stablecoin pairs applies to all existing and new pairs on both the spot and margin markets. To take advantage of the promotion, users need to trade TUSD against other assets on the platform. This means they can buy, sell, and trade TUSD without incurring any maker fees.
Explanation of Maker and Taker Fees and How They Benefit Traders
Maker and taker fees are standard in the cryptocurrency industry. Maker fees offer a rebate to traders who provide liquidity to the market. The trader who provides liquidity is referred to as the maker. Taker fees, on the other hand, charge traders who take the liquidity provided by makers. Binance, like most other exchanges, charges a fee for both makers and takers. The new promotion for TUSD trading pairs means that makers will not be charged any fees when providing liquidity to the market. This is a significant benefit for traders who make large trades and provide liquidity to the market.
Binance extends BUSD Zero Maker Fee Promotion for six more months
In addition to the TUSD promotion, Binance has also extended the BUSD zero-maker fee promotion for an additional six months. The promotion, which was due to expire at the end of June 2023, will now run until the end of December 2023. BUSD is Binance’s native stablecoin, and the promotion has been in place since last year.
Background on Binance adopting TUSD after regulatory issues with BUSD
Binance’s decision to adopt TUSD comes after facing regulatory issues relating to its native stablecoin, BUSD. The company has dealt with a number of regulatory challenges over the past year and has faced scrutiny from regulators in countries such as the United States, the United Kingdom, and Japan, among others.
TUSD’s availability on multiple public chains
TUSD is available on 12 public blockchains, including Ethereum, TRON, Avalanche, BSC, Fantom, and Polygon. This means that users can move TUSD between different blockchains without having to go through a central exchange. The availability of TUSD on multiple blockchains makes it a versatile asset for traders and investors.
Popularity surges for TUSD due to Binance’s support
Despite having a smaller market cap and trading volume than other stablecoins such as USDT, TUSD has experienced a surge in popularity thanks to Binance’s support. The exchange’s decision to offer zero maker fees for TUSD trading pairs is likely to further boost the stablecoin’s popularity. The move also demonstrates Binance’s commitment to supporting its users and expanding its offerings.
Comparison of Market Cap and Trading Volume between TUSD and USDT
According to CoinMarketCap, TUSD currently has a market cap of $3.1 billion, while USDT has a market cap of $83.1 billion. The trading volume for TUSD is significantly lower than that of USDT. However, the availability of TUSD on multiple blockchains and Binance’s support for the stablecoin has helped boost its popularity and adoption.
Regulatory backlash faced by Binance in multiple countries
Binance has faced regulatory challenges in several countries, including the United States, the United Kingdom, and Japan. The company has had to suspend some of its services in certain regions due to regulatory pressure. In addition, it has withdrawn its application to operate in the United Kingdom and has requested that the securities regulator in Cyprus terminate its registration.
Binance’s decision to offer zero-maker fees for TUSD trading pairs is a positive step for the company and its users. It demonstrates the exchange’s commitment to expanding its offerings and providing value to its users. The availability of TUSD on multiple blockchains, and the extension of the BUSD promotion, further demonstrate Binance’s dedication to supporting its users. While the company has faced regulatory challenges in multiple countries, it remains one of the most popular cryptocurrency exchanges in the world.