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

user avatar

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.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Hut 8 Wins Bid for Poolin's Texas Datacenter Sites

Hut 8 has successfully bid $140 million for two datacenter sites owned by the bankrupt mining company Poolin.

user avatarLucas Weissmann

Senate Banking Committee Democrats Request Hearing on Prediction Markets

Democratic members of the Senate Banking Committee request a public hearing to examine the growing issue of prediction markets and their regulatory implications.

user avatarFilippo Romano

Crypto Economic Activity Remains Strong Despite Market Downturn

Crypto economic activity has shown resilience despite a significant drop in market capitalization, indicating a shift in market dynamics.

user avatarEmily Carter

Visa's Research Highlights Trust as a Barrier to Stablecoin Adoption

Visa's research highlights that trust and fraud protection are essential for stablecoin adoption, with 36% of US respondents considering their use, especially with bank-level protections.

user avatarTomas Novak

Cardano's Onchain Governance Approves New Treasury Allocations

Cardano's governance system has approved a new round of treasury allocations aimed at infrastructure and ecosystem development.

user avatarKaterina Papadopoulou

Galaxy Invests $100 Million in Onchain Credit Infrastructure

Galaxy has invested $100 million in Sky Protocol's yield-bearing sUSDS, integrating it into its corporate treasury and allowing it as collateral for institutional trading.

user avatarMaya Lundqvist

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.