Stablecoin

Source

Boost

Impact

TrueUSD

<h2 class="wp-block-heading" id="major-impact-on-market-capitalization">Major Impact on Market Capitalization</h2> 
<p>Stablecoin <a href="https://tusd.io/" target="_blank" rel="noopener">TrueUSD (TUSD)</a>, issued by the TrustToken platform and currently operating as Archblock, has seen a significant decline in its market capitalization. The drop of 78.9% occurred after the crypto exchange Binance removed several TUSD trading pairs, as revealed by analysts at CCData.</p> 
<h2 class="wp-block-heading" id="decline-in-trading-volume">Decline in Trading Volume</h2> 
<p>According to CCData’s latest stablecoin research report, the monthly trading volume for TUSD pairs on centralized exchanges has plummeted to $569 million. This figure represents a dramatic decline of nearly 99% since May 2023. Binance, which holds a <a href="https://btc-pulse.com/bitcoin-whale-activity-surges-signaling-confidence/">market </a>share of 68.2% in trading TUSD pairs, played a crucial role in this downturn. Following Binance, WhiteBit and BitMart have market shares of 13.4% and 5.32%, respectively.</p> 
<figure class="wp-block-image size-full">
 <img decoding="async" width="1543" height="489" src="https://btc-pulse.com/wp-content/uploads/2024/05/image-12.png" alt="image 12" class="wp-image-24956" title="TrueUSD Crashes 79% Following Binance Delisting 21" srcset="https://btc-pulse.com/wp-content/uploads/2024/05/image-12.png 1543w, https://btc-pulse.com/wp-content/uploads/2024/05/image-12-150x48.png 150w, https://btc-pulse.com/wp-content/uploads/2024/05/image-12-768x243.png 768w, https://btc-pulse.com/wp-content/uploads/2024/05/image-12-1536x487.png 1536w, https://btc-pulse.com/wp-content/uploads/2024/05/image-12-750x238.png 750w, https://btc-pulse.com/wp-content/uploads/2024/05/image-12-1140x361.png 1140w" sizes="(max-width: 1543px) 100vw, 1543px">
 <figcaption class="wp-element-caption">
  Source by <a href="https://coinmarketcap.com/currencies/trueusd/" target="_blank" rel="noopener">coinmarketcap</a>
 </figcaption>
</figure> 
<h2 class="wp-block-heading" id="efforts-to-boost-adoption">Efforts to Boost Adoption</h2> 
<p>In response to the declining trading volume, the stablecoin has introduced a zero-fee trading promotion for the TUSD/TRY pair on the Bitci exchange, aiming to boost its adoption.</p> 
<h2 class="wp-block-heading" id="market-context-and-stablecoin-trends">Market Context and Stablecoin Trends</h2> 
<p>Despite TUSD’s struggles, the overall market for stablecoins has shown signs of recovery. In May, the total market value of stablecoins rose by 0.63% to $161 billion, marking the eighth consecutive month of growth and reaching the highest level since April 2022. This trend indicates a recovery in the <a href="https://btc-pulse.com/indias-sebi-crypto-oversight-rbi-stablecoin-ban/">stablecoin </a>market, which had been in a seventeen-month downtrend following the collapse of TerraUSD, according to CCData.</p> 
<h2 class="wp-block-heading" id="background-and-launch-of-trueusd">Background and Launch of TrueUSD</h2> 
<p>TrueUSD was launched in March 2018 by TrustToken, co-founded by Rafael Cosman, Stephen Kade, Jai An, and Tory Reiss. The <a href="https://btc-pulse.com/tether-disputes-deutsche-banks-critique/">stablecoin </a>was designed to provide a transparent and legally protected stablecoin fully collateralized by the U.S. dollar, ensuring its value remains stable. However, following its removal from Binance and issues with custodian Prime Trust, TUSD has faced challenges in maintaining its peg to the U.S. dollar, raising concerns about its reliability.</p> 
<h2 class="wp-block-heading" id="conclusion">Conclusion</h2> 
<p>The delisting of TUSD trading pairs by Binance has had a profound impact on its market capitalization and trading volume. As the stablecoin market shows signs of recovery, the future of TrueUSD remains uncertain amid efforts to regain investor confidence and stabilize its value.</p>

TrueUSD Crashes 79% Following Binance Delisting

Table of Contents

BTC-Pulse

Other articles published on May 30, 2024

Crypto Quant Drives Toncoin’s Optimism; Investors Now Eye These Top Altcoins

Texas Shuts Down Arkbit Capital’s Crypto Cloud Mining Fraud

Qubetics Whitelist, Chainlink, or Litecoin: Who Would You Join to Cash in on the Biggest ROI?

Nansen reports DBS bank’s $650 million Ether holding

Is It Too Late To Buy BRETT? Brett Price Pumps 70% In A Week And This Might Be The Next Crypto To...

Ethereum ETFs Approved: But Not Live Yet

Join our free newsletter for daily crypto updates!