Binance’s TUSD balance increased from less than $500 million to more than $2.5 billion in less than 24 hours.
According to data, Binance saw nearly $2 billion in inflows in the last 24 hours, despite the alleged FUD surrounding the departure of its key executives.
Balance of Binance TUSD skyrockets
The inflow can be attributed to a significant increase in the exchange’s TrueUSD (TUSD) balance over the last 24 hours.
According to DeFillama data, TUSD’s balance on Binance increased to $2.65 billion from less than $500 million on June 6.
Meanwhile, according to Glassnode data, the total balance of TUSD across all exchanges as of July 6 is $512.92 million. However, $498.58 million, or 96% of the $512.92 million balance, is held by Binance.
Other exchanges, including OKX, Bitfinex, Gate.io, Huobi, and others, have less than $20 million in stablecoin.
Since Binance USD’s (BUSD) troubles with regulators began, Binance has primarily promoted TUSD as the stablecoin’s replacement. The exchange has increased the supply of the TUSD stablecoin and added new trading pairs for it.
TUSD has come under fire for alleged ties to Justin Sun and exposure to the insolvent crypto custodian, Prime Trust. At the time of writing, Binance had yet to respond to CryptoSlate’s request for comment.
CZ addresses the departure of key executives
Meanwhile, CEO Changpeng ‘CZ’ Zhao stated that the reasons for the departures of the company’s key executives were “completely wrong.”
On July 6, BNB’s chief strategy officer Patrick Hillmann and senior vice president of compliance Steven Christie announced their departure from the platform.
“Turnover occurs at every company as markets and the global crypto environment change, as our organization evolves, and as personal situations change.”
While some members of the cryptocurrency community immediately linked their departures to the exchange’s recent regulatory challenges, the executives stated that they parted ways on good terms.
CZ described the outcry over these exits as “FUD” in his July 7 statement, adding that “every company experiences turnover.” CZ thanked the departing executives for their contributions and assured users that the platform would “protect our users at all times.”
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