Binance exchange recorded a surge in its TUSD balance in the last 24 hours when it jumped from less than $500 million to over $2 billion. The leading crypto exchange has continued to record growth amid the alleged report of key executives quitting the company.
Consequently, Binance sees nearly $2 billion in inflows over the last 24 hours which can be ascribed to the boost in its TUSD balance. According to June 6 data from DeFillama, the exchange TUSD balance spiked from about $452 million to $2.65 billion.
Source DeFillama
In the meantime, Glassnode data on July 6 shows that the total TUSD balance across all crypto exchanges is $512.92 million. Binance holds about 96% (about $498.58 million) of the total balance, while other exchanges including Gate.io, Huobi, OKX, and Bitfinex among others hold less than $20 million of TUSD.
Read Also: BREAKING! Binance Announces Suspension of Deposits & Withdrawals of Multichain-Bridged Tokens
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Recall that BUSD stablecoin associated with Binance was listed alongside BNB and other crypto assets on the platform as securities. However, Binance refuted the SEC claims stating that the coin does not represent any investment contract.
Since the litigation against Binance started, the exchange giant has been promoting TrueUSD (TUSD) stablecoin as a replacement for BUSD. Binance has successfully minted more TUSD tokens and also introduced more trading pairs including ADA/TUSD (Cardano against TrueUSD), LTC/TUSD (Litecoin against TrueUSD), and TUSD/BUSD (TrueUSD against Binance USD).
Binance key executives leave the company
Earlier today, reports went around that some important figures in Binance were leaving the company. The reports were confirmed via Twitter posts when the names involved tweeted to confirm their exit.
Binance chief strategy officer Patrick Hillmann, confirmed the news via his official Twitter, stressing that he was leaving the company on good terms as opposed to reasons that have been making rounds on the internet.
“It’s true that I am leaving @Binance, but I’m doing so on good terms. I continue to respect and support @cz_binance and am grateful for having had the incredible opportunity to work under his leadership,” he said.
Similarly, Binance’s senior vice president for compliance Steven Christie also confirmed his exit via a Twitter post stating that the reason for his departure is quite different from what is being reported in the media.
Meanwhile, Binance CEO Changpeng Zhao has reacted to the supposed reasons making rounds in the crypto community which tied their exit to the existing legal challenges with the SEC. He tagged it as ‘more FUD’, stressing that “the reasons dreamed up by the news are completely wrong.”
4. More FUD about some departures. Yes, there is turnover (at every company). But the reasons dreamed up by the “news” are completely wrong.
As an organization that has grown from 30 to 8000 people in 6 years, from 0 to the world’s largest crypto exchange in less than 5 months…
— CZ 🔶 Binance (@cz_binance) July 6, 2023
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Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.