Popular data analysis platform blockchain LongHash analysis revealed that around 99 percent of TrueUSD (TUSD) concentrated in Huobi and Binance. The data analysis showed that the distribution of TUSD chips is moving from centralized to highly centralized.
It is very clear from the above chart that more than 67.05 percent of TUSD is concentrated on the Huobi platform, while 32.15 percent of TUSD is concentrated on the Binance platform. However, on Bitfinex (0.8 percent) and the other side, a small concentration can be viewed; the OKEx carries a cryptocurrency null concentration.
Houbi is a crypto exchange based in Singapore. This leading exchange features top coins like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and many more. Binance is one of the major cryptocurrency exchanges offering trading for over 100 cryptocurrencies.
With a sharing of a lot of concentration over both giant crypto exchanges, it can be assumed that the stable coin TUSD is doing well on the market as traders are now deviating towards the cryptocurrencies backed by a physical asset.
TrueUSD (TUSD) is a stablecoin built in the volatile blockchain ecosystem to offer a stable value. From the coin’s launch, the TrueUSD market cap has grown, and at the press, the total market capitalization has risen to around $136,730,986.
Stablecoins have a physical asset, fiat currency, or even an algorithm behind them. These Cryptocurrencies forms are more stable in value than other cryptocurrencies assets. The TUSD is backed up with US Dollars in a ratio of 1:1.
TUSD partnered with an accounting firm Armanino the previous month that allegedly allows the traders to monitor TrueUSD token balances and collateralized funds.