Coin security or seek TrueUSD as a stable currency alternative solution

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.

Interpretation of this information:

The New York Financial Services Department (NYDFS) has imposed a ban on the casting of BUSD, which has forced Coin to seek alternative solutions to meet market demand for stable currency. As a result, Coin An has reportedly sought to join forces with TrueUSD, having minted 180 million TUSD from February 16 to February 24, and adding support for other decentralized stable currencies. This move comes after Coin Security’s partnership with TrustToken, which allows it to purchase TUSD without cost and convert it into legal tender. Given this ban on BUSD casting, it is likely that Coin Security will continue to cast TUSD to address its need for stable currency.

Interpretation:

The NYDFS’s action has disrupted Coin Security’s operations, leading the company to find other stable currency alternatives to BUSD. Coin An’s shift to join TrueUSD appears to be a proactive measure to address the situation, as it minted 180 million TUSD and added support for other decentralized stable currencies.

Coin Security’s existing partnership with TrustToken has allowed it to acquire TUSD at no cost and convert it into legal tender. This arrangement has likely been beneficial given the current environment, where BUSD is no longer an option.

The trend of using stable currencies for trading is gaining momentum globally, and this development may increase the demand for stable currency alternatives in the long term. As a result, there may be more partnerships between other exchanges and stable currency providers, as similar bans are implemented in different jurisdictions.