The stablecoin TrueUSD recently lost its peg to the US dollar, resulting in a significant increase in trading volume of this digital asset. As of the morning of January 16, 2024, the price of TrueUSD fell to $0.987, marking a nearly 1% drop over 24 hours. The market capitalization of the stablecoin is $1.9 billion, with a daily trading volume reaching $654.54 million. On Binance, the trading volume in the TUSD/USDT pair for the last 24 hours was about $435.4 million, with a net outflow of $66.1 million.
Analysts link the mass sell-off of TUSD to panic among holders due to uncertainty in reserves and instability associated with the Poloniex exchange following a recent hacker attack. Nick Rak, Chief Operating Officer of Content Fi Labs, noted that the situation with Poloniex has created difficulties for stablecoin holders.
Justin d'Anethan from Keyrock pointed to a possible reason for the TUSD exchange, related to the need to use BNB or FDUSD to acquire a new token as part of the MANTA project on Binance Launchpool.
TrueUSD is issued by Trust Token, responsible for issuing the stablecoin, backing it with US dollar reserves, and servicing it. The company strives to ensure transparency and security of its product by conducting regular audits and adhering to regulatory requirements.
