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<p>The post <a rel="nofollow" href="https://coinpedia.org/news/trueusd-breaks-peg-on-binance-us-plunges-to-80-cents-against-tether/">TrueUSD Breaks Peg on Binance.US, Plunges to 80 Cents Against Tether</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>The dollar-pegged stablecoin TrueUSD (TUSD) is currently trading at a lower value compared to its counterpart tether (USDT) on Binance.US, the U.S. subsidiary of Binance. Data from the charting platform TradingView shows that the TUSD/USDT pair is trading at 89 cents on Binance.US, reaching a low of 80 cents on Wednesday. On Binance, the pair is trading at around $0.9980.</p> 
<p>Volatility in stablecoins, which have become popular as funding currencies in recent years, can sometimes have an impact on the overall market. Despite the volatility of TUSD, it has not had any noticeable impact on the broader market, as bitcoin (BTC) maintains its stability and trades within the familiar range of over $30,000.</p> 
<h2 class="wp-block-heading" id="h-tusd-is-the-fifth-largest-stablecoin">TUSD is the fifth-largest stablecoin</h2> 
<p>When considering the market cap, TUSD’s <a href="https://www.coingecko.com/en/categories/stablecoins">$3 billion</a> poses a relatively lower risk to the broader market compared to Tether, which boasts a market cap of $83 billion. Market observer Parrot Capital suggests that TUSD is experiencing significant price fluctuations due to low trading volumes.</p> 
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   <p lang="en" dir="ltr">The peg is getting crushed on very low volume. Someone wants out. <a href="https://t.co/ZKaQMEaszT">pic.twitter.com/ZKaQMEaszT</a></p>— Parrot Capital 
   <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f99c.png" alt="🦜" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@ParrotCapital) <a href="https://twitter.com/ParrotCapital/status/1673915949051953152?ref_src=twsrc%5Etfw">June 28, 2023</a>
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<p>TUSD’s recent decline on Binance.US coincided with a reserve report that revealed the project held $26,000 in assets backing the stablecoin at a U.S. depository institution, which was subsequently ordered to suspend withdrawals. The attestation for the reserve report was conducted by The Network Firm, which is a rebranded entity of the previous FTX auditor, Armanino. This development has raised concerns within the crypto industry about the lack of checks and balances.</p> 
<p>The situation further sparked discussion on Crypto Twitter, with Adam Cochran, Managing Partner at Cinneamhain Ventures, <a href="https://twitter.com/adamscochran/status/1673832056944558080">pointing</a> out that the auditor for TrueUSD’s audits (in Prime Trust) was the same individual who previously audited FTX and rebranded their firm. Cochran expressed surprise and raised questions about the auditing practices in the crypto industry.</p> 
<p>Cochran also mentioned that TrueUSD’s Chainlink price oracle relies on 17 different notes, all pulling data from The Network Firm, which raises further concerns. Earlier this month, traders took bearish positions on TUSD amid rumors that the stablecoin project had connections to embattled crypto service provider Prime Trust for token issuance and redemption. TrueUSD has explicitly stated that it does not have any involvement with or exposure to Prime Trust.</p>

TrueUSD Breaks Peg on Binance.US, Plunges to 80 Cents Against Tether

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