Block

TrueUSD

In the past 24 hours, Binance’s TrueUSD (TUSD)-Tether (USDT) trading pair witnessed a significant surge in selling volume, amounting to approximately $435.4 million in TUSD. 
Concurrently, buy orders for TUSD totaled around $369.3 million, resulting in a net outflow of $66.1 million. 
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Analysts attribute this massive selloff to concerns among TUSD holders regarding uncertainties surrounding reserves and the aftermath of the recent Poloniex hacking incident. 
According to Chainlink, TUSD was trading at $0.985 on Jan. 16, falling significantly below its peg around Jan. 15 at 11:00 UTC, reaching $0.984 at 23:15. During this period, TrueUSD holders reportedly cashed out hundreds of millions of tokens, shifting towards rival stablecoin Tether (USDT). 
Traders sold over $340 million worth of TUSD in the last 24 hours, compared to $296.8 million in buy orders, resulting in a net outflow of over $43 million. 
Rumors circulated in the crypto community about TrueUSD’s issuer facing challenges in promptly publishing a report on the collateral of the coin. 
It is worth noting that on January 10, the system reportedly experienced API errors, failing to report the dollar value of its collateral assets. These developments coincide with the recent announcement of Binance’s MANTA launchpool program, causing a significant reshuffling of investments and contributing to the heightened volatility in the stablecoin market. 
In response to the situation, TrueUSD issued a statement acknowledging community mining activities related to Binance Launchpool, leading to short-term arbitrage opportunities. The firm emphasized its commitment to enhancing TUSD services through innovative technologies and industry partnerships. TrueUSD clarified that attestations continue in the normal course of business, dispelling any suggestions to the contrary as false. 
The post <a rel="nofollow" href="https://www.unlock-bc.com/116134/tusd-falls-below-peg-faces-major-selloff-and-collateral-challenges/">TUSD Falls Below Peg, Faces Major Selloff and Collateral Challenges</a> appeared first on <a rel="nofollow" href="https://www.unlock-bc.com">UNLOCK Blockchain</a>.

TUSD Falls Below Peg, Faces Major Selloff and Collateral Challenges

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