Justin Son of Tron Explains Why He’s Dependent on Binance

In a recent interview, Tron founder Justin Sun talked about Binance and explained why he stored $100 million in USDC despite the recent massive asset pullout.

Crypto Winter and $100 Million USDC Deposit

Concerns about crypto contagion continue, and in the wake of FTX CollapseBitcoin miner Core Scientific is the latest firm to file for Chapter 11 bankruptcy.

Following the implosion of Sam Bankman-Fried’s empire, clients began pulling out funds and assets due to FUD after Binance released its Proof-of-Reserves report.

Justin Sun, the founder of Tron, who also serves as global advisor at Huobi and Ambassador of Grenada to the WTO, spoke on the new cold in the crypto winter and the reasons behind his $100 million USDC deposit in Binance.

He added that he has worked with Binance since 2017 and is optimistic about the company.

However, he later withdrew some of the cash, providing his ties with other startups as the reason for the withdrawal. the sun also said regular business, And there was nothing to worry about.

Responding to investors pulling funds out of Binance due to the fear of FUD, he said that there was some outflow in every business because of what happened with FTX. However, he remained optimistic and believed that companies are back to normal with a marginal increase in both inflows and outflows.

When asked where Binance is getting the money to buy flyers since there is a lot of outflow from them, he replied that first ftx blast And all in all, Binance was on salary for quite some time. Tron seemed convinced that Binance was and will be the next big thing.

Tron launches yuan-pegged stablecoin

Earlier this month, Tron’s stablecoin platform TrueUSD (TUSD) launched a stablecoin pegged to the offshore Chinese yuan, dubbed TCNH.

TCNH set at 1:1 for offshore Chinese Yuan (CNH), Offshore currencies are held, traded or invested in, sold or invested outside the country.

They are often used as foreign exchange reserves for international transactions or investments. Furthermore, they are not governed by the financial laws of the country that issued them.

Millions of Tron users around the world now have access to TrueUSD’s TCNH stablecoin, which they can buy, store and exchange on the Tron blockchain.


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