BUSD Casting Ban Forces Coin to Seek TrueUSD as Alternative

03/06/2023 12:37 • NFT Newsflash • 164 views

It is reported that the New York Financial Services Department (NYDFS)’s BUSD casting ban forced Coin to find other stable currency alternative solutions to meet market demand. According to the data on the chain, Coin An is seeking to join TrueUSD. From February 16 to February 24, Coin An minted 180 million TUSD. At the same time, it also added some other decentralized stable currency support. Since June 2019, TrustToken, the stable currency TUSD operation linked to the US dollar, has been a partner of Coin Security. This relationship allows Coin Security to purchase TUSD at zero cost and convert it into legal tender. The analysis shows that with the ban of the regulatory authority on BUSD, Coin Security will increasingly cast new TUSD to alleviate its demand for stable currency.

Coin security or seek TrueUSD as a stable currency alternative solution

Interpret the above information:

The recent BUSD casting ban imposed by the New York Financial Services Department (NYDFS) has caused Coin Security to explore other options for stable currency alternatives. To fill the market demand, Coin Security is reported to be seeking to join TrueUSD.

Data on the chain shows that from February 16 to February 24, Coin An minted 180 million TUSD, in addition to decentralized stable currency support. As early as June 2019, TrustToken, the stable currency TUSD operation linked to the US dollar, has been in partnership with Coin Security. With this partnership, Coin Security can purchase TUSD at zero cost and convert it to legal tender.

It is analyzed that with the regulatory ban on BUSD, Coin Security will gradually increase its use of TUSD as a stable currency alternative to meet its demand. This is significant since stablecoin has become a popular option in the cryptocurrency market, with its ability to maintain its value without the volatility that other cryptocurrencies experience.

The NYDFS has been quite strict in regulating digital currencies in New York. Its recent ban on BUSD casting has left Coin Security with no choice but to switch to other stable currency alternatives such as TUSD. BUSD is a popular cryptocurrency pegged to the US dollar and backed by Paxos Trust Company, whose regulatory issues and possible violations may have caused the NYDFS’s ban.

In conclusion, Coin Security’s move towards TUSD could prove to be beneficial, especially given the demand for stablecoins. The search for more reliable and stable cryptocurrency options will continue to increase in the market, making stablecoin options like TUSD and other similar coins more attractive. Overall, this may lead to the development of new and more stable alternatives to traditional currencies.

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BUSD Casting Ban Forces Coin to Seek TrueUSD as Alternative

Coin security or seek TrueUSD as a stable currency alternative solution

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