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    <p><a rel="noopener noreferrer nofollow" title="TrueUSD" href="https://thebittimes.com/tag/trueusd.html">TrueUSD</a>, the dollar-pegged stablecoin <a rel="noopener noreferrer nofollow" title="affiliated" href="https://thebittimes.com/tag/affiliated.html">affiliated</a> with <a rel="noopener noreferrer nofollow" title="Justin Sun" href="https://thebittimes.com/tag/justin-sun.html">Justin Sun</a>, has seen its <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> cap <a rel="noopener noreferrer nofollow" title="collapse" href="https://thebittimes.com/tag/collapse.html">collapse</a> more than 50% from $1.29 billion on March 15 to $615 million on March 22, according to data from CoinMarketCap.&nbsp;</p>
    <p>This mass redemption of TrueUSD follows Binance’s delisting of several TrueUSD pairs on March 15.&nbsp;TrueUSD spent much of February struggling to maintain its peg, falling as low as $0.95.</p>
    <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="576" src="https://cdn.thebittimes.com/images/2024/03/22/3c5e2d5574de6321269fe7d0e67b8cb3.webp" alt class="wp-image-63315" srcset="https://cdn.thebittimes.com/images/2024/03/22/3c5e2d5574de6321269fe7d0e67b8cb3.webp 1024w, https://cdn.thebittimes.com/images/2024/03/22/3c5e2d5574de6321269fe7d0e67b8cb3.webp 300w, https://cdn.thebittimes.com/images/2024/03/22/3c5e2d5574de6321269fe7d0e67b8cb3.webp 768w, https://cdn.thebittimes.com/images/2024/03/22/3c5e2d5574de6321269fe7d0e67b8cb3.webp 1536w, https://cdn.thebittimes.com/images/2024/03/22/3c5e2d5574de6321269fe7d0e67b8cb3.webp 1200w, https://cdn.thebittimes.com/images/2024/03/22/3c5e2d5574de6321269fe7d0e67b8cb3.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
     <figcaption class="wp-element-caption">
      TrueUSD’s market cap has collapsed from $1.29 billion to $615 million during March.
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    <p>A review of the attestations provided by <a rel="noopener noreferrer nofollow" title="TrueUSD" href="https://thebittimes.com/tag/trueusd.html">TrueUSD</a> also seem to show that it no longer has United States treasury bills in its reserves. The remaining funds are split between approximately<strong> $200 million</strong> held “at a Hong Kong depository institution, a Swiss depository institution, and Bahamian depository institutions” and approximately $500 million held at First Digital Trust Limited.</p>
    <p>First Digital Trust has also launched its own stablecoin, FDUSD, which has seen its own <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> cap fall from approximately $3 billion to $2.6 billion since March 15. Again, this is according to data from CoinMarketCap.&nbsp;</p>
    <figure class="wp-block-embed is-type-wp-embed is-provider-protos wp-block-embed-protos">
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      <blockquote class="wp-embedded-content" data-secret="KxsNLVMlu8">
       TrueUSD changes accounting firms… and then de-pegs
      </blockquote><iframe class="wp-embedded-content" sandbox="allow-scripts" security="restricted" style="position: absolute; clip: rect(1px, 1px, 1px, 1px);" title="“TrueUSD changes accounting firms… and then de-pegs” — Protos" src="https://protos.com/trueusd-changes-accounting-firms-and-then-de-pegs/embed/#?secret=xDXuiVEJ7x#?secret=KxsNLVMlu8" data-secret="KxsNLVMlu8" width="500" height="282" frameborder="0" marginwidth="0" marginheight="0" scrolling="no"></iframe>
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    <p><em>Read more: TrueUSD attestations paused again, this time for improper ‘balances’</em></p>
    <p>This contraction hasn’t affected the entire stablecoin market equally. Tether has seen its market cap grow by approximately <strong>$700 million since March 15</strong>.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/justin-sun-affiliated-trueusd-market-cap-collapses-50-in-7-days-tbt83285.html">https://thebittimes.com/justin-sun-affiliated-trueusd-market-cap-collapses-50-in-7-days-tbt83285.html</a></p>

Justin Sun affiliated TrueUSD market cap collapses 50% in 7 days

TheBitTimes

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