TrueUSD experienced a significant depeg event, sparking backlash across exchanges and social media.
In the past 24 hours, TrueUSD (TUSD) experienced a considerable de-pegging from its $1 price level, presently trading around $0.9878 according to CoinMarketCap data. This rare event for a major stablecoin sparked heated reactions across exchanges and social media.
The price divergence first appeared just after midnight on Jan 15, as TUSD dipped below $1 amidst frenzied selling on Binance. TUSD ultimately dropped as far as $0.984 at one point, representing a significant deviation from its intended stability.
Analysts pointed to the number of outflows on Binance as evidence.
According to available data, Binance saw over $369.2 million worth of TUSD selling activity in the last 24 hours compared to only $239.1 million in buy orders. The resulting net outflow of $130 million indicates traders rapidly converting significant TUSD holdings into other cryptos such as Bitcoin or rival stablecoin Tether.
Stablecoin commentators expressed concerns about the state of TUSD’s reserve collateralization, pointing to reports that TUSD’s attestation system has struggled to provide updated USD valuations in recent days. The team behind TUSD has not yet issued a public statement.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap. CoinMarketCap is not responsible for the success or authenticity of any project, we aim to act as a neutral informational resource for end-users.
