After announcing its plans to start offering TrueUSD (TUSD) trading on Friday, May 18th, at 4:00 am (UTC), Binance has postponed the launch of the USD-pegged stablecoin.
Binance will no longer be launching TrueUSD (TUSD) trading on Friday, May 18th, at 4:00 am (UTC), as was originally planned. Instead, the hugely popular cryptocurrency exchange will start offering TUSD trading on May 22nd, at 4:00 am (UTC).
The change apparently comes after an evaluation of the coin’s interest in the community brought forth concerns over having sufficient liquidity. Notes Binance in an official announcement:
Due to popular demand, the TrueUSD (TUSD) project team requires more time than originally planned to prepare for sufficient liquidity. Binance will therefore postpone the trading start date to 2018/05/22 04:00 AM (UTC). Deposits for TUSD will remain open during this period. Thank you for your understanding.
As Bitcoinist previously reported, TrueUSD is a stablecoin designed to match the US dollar’s valuation at a one-to-one ratio, meaning one TUSD roughly equates to one USD — at least in terms of value. Therefore, it is not entirely dissimilar to the sometimes controversial stablecoin, Tether (USDT).
Unlike Tether (USDT), however, TrueUSD is reportedly much more regulatory compliant. Explained Binance:
In the TrueUSD system, U.S Dollars are held in the bank accounts of multiple trust companies that have signed escrow agreements, rather than in a bank account controlled by a single company….