The market capitalization of the stablecoin TUSD dropped by 79 percent after being delisted from Binance

by Eve Adams

2 years ago

The market capitalization of the stablecoin TrueUSD (TUSD), created by the cryptocurrency platform TrustToken, has significantly decreased, dropping by 78.9% after the removal of several pairs with this crypto asset from the largest cryptocurrency exchange Binance. This was reported by analysts from the CCData service.

TUSD: Market Cap

In the latest research report on the stablecoin market, CCData noted that since May 2023, the monthly trading volume of TUSD pairs has dropped by nearly 99%, reaching only $569 million. This significant decline indicates serious problems faced by the stablecoin after delisting.

Binance remains the dominant exchange trading most of the TUSD pairs with a market share of 68.2%. It is followed by WhiteBit and BITMARTF with market shares of 13.4% and 5.32%, according to the CCData analysts' report.

TrueUSD was launched in March 2018 by the TrustToken platform, founded by Rafael Cosman, Stephen Kade, Jai An, and Tory Reiss. This stablecoin, pegged to the US dollar, was designed to ensure transparency and reliability of payments.

However, after its removal from Binance and issues with custodian Prime Trust, TUSD lost its peg to fiat currency several times. These events have raised serious concerns among investors about the stability and reliability of this asset, further exacerbating its market position.

Rewards

More rewards

Discover enhanced rewards on our social media.

Other news

Crypto Firms Shift to Chainlink After Chaos Labs Hacking Attempt

Several crypto firms are migrating to Chainlink's oracle infrastructure following a hacking attempt on Chaos Labs.

Leo van der Veenan hour ago

SEC Chair Paul Atkins Calls for Enhanced Regulatory Guidance for Onchain Markets

SEC Chair Paul Atkins emphasizes the need for clearer regulatory frameworks for onchain trading systems and related activities.

Li Weicheng3 hours ago

Bitcoin Faces Resistance After Recent Upsurge

Bitcoin's recent recovery has hit a significant obstacle, leading to a drop below 80,000.

Tenzin Dorje4 hours ago

Market Dynamics Behind Bitcoin's Decline Analyzed

XWIN Research Japan analyzes the internal factors behind Bitcoin's recent decline, attributing it to leverage positioning and profit-taking, rather than external macroeconomic influences.

Aisha Farooq4 hours ago

Ethereum Spot ETFs Face Notable Withdrawals.

US Ethereum spot ETFs experienced significant capital outflows, with over $103 million exiting the funds, leading to a weekly netflow drop to just $66 million.