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

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

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by Eve Adams

a year 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.

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