Stablecoin

TrueUSD

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<ul> 
 <li style="font-weight: 400">The TUSD stablecoin depegged to $0.985 on Tuesday morning Asia time, according to Coinstats <a href="https://coinstats.app/coins/trueusd/">data</a>.</li> 
</ul> 
Stablecoin TrueUSD (TUSD) dropped below its $1 peg on Tuesday morning in Asia with selling volume mounting on Binance. 
TUSD currently trades at around $0.985215 at 10:30 a.m. Hong Kong time, after dropping to as low as $0.9837 earlier today, according to Coinstats data. 
<figure id="attachment_62688" aria-describedby="caption-attachment-62688" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class=" wp-image-62688" src="https://bitcoinworld.co.in/wp-content/uploads/TUSD-Price-Chart-483x300.png" alt="" width="601" height="373" srcset="https://bitcoinworld.co.in/wp-content/uploads/TUSD-Price-Chart-483x300.png 483w, https://bitcoinworld.co.in/wp-content/uploads/TUSD-Price-Chart.png 760w" sizes="(max-width: 601px) 100vw, 601px">
 <figcaption id="caption-attachment-62688" class="wp-caption-text">
 TUSD Price Chart | Source: Coinstats
 </figcaption>
</figure> 
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Binance’s TUSD-USDT pair saw a total selling volume of around $435.4 million in TUSD in the past 24 hours, with about $369.3 million worth of TUSD buy orders, according to the exchange’s trading page. That indicates a net outflow of $66.1 million, the data showed. 
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“The massive selloff of TUSD reveals panic for its holders over the uncertainties of its reserves and instability related to Poloniex. After a recent hacking incident that targeted Poloniex, TUSD holders find themselves in an increasingly difficult situation to find stability with the USD-pegged stablecoin,” Nick Ruck, chief operating officer of ContentFi Labs, told The Block. 
“It feels like such a little catalyst, but with the recent announcement of MANTA in Binance’s launchpool program and the need to stake BNB or FDUSD — at the expense of other stablecoins like TUSD that might have been used in the past for launchpool staking — it seems that a horde of investors are selling the latter for the former,” said Justin d’Anethan, head of APAC business development of crypto market maker Keyrock. 
The post <a href="https://bitcoinworld.co.in/trueusd-stablecoin-tusd-depegged-to-0-985-amid-selloff/">TrueUSD Stablecoin (TUSD) Depegged To $0.985 Amid Selloff</a> appeared first on <a href="https://bitcoinworld.co.in">BitcoinWorld</a>.

TrueUSD Stablecoin (TUSD) Depegged To $0.985 Amid Selloff

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