Stablecoin

2024

Read

TrueUSD

<p class="is-style-lead">Stablecoin TrueUSD (<a href="https://crypto.news/price/TrueUSD/">TUSD</a>) has lost its peg to the U.S. dollar.</p> 
<p>According to Chainlink, on Jan. 16, TUSD was trading at $0.985. TUSD first fell significantly below its peg around Jan. 15 at 11:00 UTC, falling to $0.984 at 23:15.</p> 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="567" src="https://crypto.news/app/uploads/2024/01/Screenshot-2024-01-16-at-09.31.50-1024x567.png" alt="TrueUSD depegs&nbsp;to $0.985 amid massive $340m sale - 24" class="wp-image-14238605">
</figure> 
<p>The move comes amid rumors that TrueUSD holders are cashing out hundreds of millions of tokens in exchange for rival <a href="https://crypto.news/tag/stablecoin/">stablecoin</a> Tether (<a href="https://crypto.news/price/tether/">USDT</a>). At press time, traders had sold more than $340 million worth of TUSD in the last 24 hours, compared to just $296.8 million in buy orders, for a total net outflow of more than $43 million.</p> 
<p>Earlier, rumors appeared in the cryptocurrency community that the issuer of TrueUSD could not promptly <a href="https://crypto.news/trueusd-attestation-pauses-amid-concerns-surrounding-collateral/">publish</a> a report on the collateral of the coin.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">The realtime attests of TUSD stopped working since yesterday, which potentialy means that it was reported as undercollatelised. (see status description in the pic)<a href="https://twitter.com/tusdio?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@tusdio</a> <a href="https://twitter.com/The_NetworkFirm?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@The_NetworkFirm</a> any comments? <a href="https://t.co/s4vsa7Gz4o" target="_blank">pic.twitter.com/s4vsa7Gz4o</a></p>— Symbio (@NoCryptFish) <a href="https://twitter.com/NoCryptFish/status/1745081696930660483?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">January 10, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>According to <a href="https://protos.com/trueusd-attestations-paused-again-this-time-for-improper-balances/" target="_blank" rel="noopener">Protos</a>, on Jan. 10, the system experienced several API errors and could not report the dollar value of its collateral assets.</p> 
<p>Last February, the <a href="https://crypto.news/tag/binance/">Binance</a> cryptocurrency exchange released TrueUSD, a few days after reports that American regulators had initiated an investigation into the issuer of the stablecoin Binance USD (<a href="https://crypto.news/price/Binance-USD/">BUSD</a>), Paxos.</p> 
<p>According to Etherscan, the token issue occurred on Feb. 16, two days after former Binance CEO <a href="https://crypto.news/changpeng-zhaos-journey-from-mcdonalds-to-crypto-magnate/">Changpeng Zhao</a> stated that their company would seek to diversify investment assets in stablecoins, moving away from BUSD.</p> 
<p> Read more: <a href="https://crypto.news/trueusd-customer-data-exposed-in-a-third-party-security-breach/"> TrueUSD customer data exposed in third-party security breach </a> </p>

TrueUSD depegs to $0.985 amid massive $340m sale

crypto.news

Other articles published on Jan 16, 2024

Bitcoin miners sell their assets: What kind of sign is this?

Wall Street’s Billionaire CEO Puts an End to Allegations About Tether: Do Dollars Backing USDT Re...

Blockchain Futurist Conference This August 15-16, 2024 ToShowcase the Future of Bitcoin, Web3, an...

Solana’s Market Resilience and Future Predictions Amid Crypto Volatility

Blockchain security firm Verichains joins as newest Node Council Partner on WEMIX3.0

Gulf Binance Launches Public Cryptocurrency Exchange Service in Thailand

Join our free newsletter for daily crypto updates!