Stablecoin

Prime

Read

TRUST

TrueUSD

<p class="is-style-lead">TrueUSD (TUSD), a stablecoin pegged to the US dollar, has seen a significant drop in its value compared to tether (USDT) on Binance.US, the American branch of the global cryptocurrency exchange, Binance.</p> 
<p>As of the latest data, the TUSD/USDT pair was trading at $0.89 on Binance.US after hitting a low of $0.80. In contrast, the pair traded at approximately $0.9980 on the global Binance platform.</p> 
<p>Stablecoins, which have become increasingly popular as funding currencies over the last three years, often influence the broader cryptocurrency market due to their volatility. However, the recent fluctuations in TUSD’s value have not yet affected the market, including <a href="https://crypto.news/price/bitcoin/" data-type="URL" data-id="https://crypto.news/price/bitcoin/">bitcoin</a>, which continues to trade above $30,000.</p> 
<p>With a market capitalization of $3 billion, TUSD presents a less systemic risk to the broader market than tether, which boasts a market cap of $83 billion. However, as noted by anonymous market analyst Parrot Capital, TUSD has been under pressure due to low trading volumes.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">🚨TUSD DEPEGGING🚨<a href="https://twitter.com/search?q=%24TUSD&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$TUSD</a> HAS DEPEGGED AND IS NOW DOWN TO $0.80 AGAINST <a href="https://twitter.com/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$USDT</a> ON <a href="https://twitter.com/hashtag/BINANCEUS?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#BINANCEUS</a> AND FALLING APART RAPIDLY‼️<br><br>AFTER PRIME TRUST BLEW UP <a href="https://twitter.com/search?q=%24TUSD&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$TUSD</a> STAFF GHOSTED HEDGE FUNDS AND MARKET MAKERS LOOKING TO REDEEM‼️<br><br>SWAP TO <a href="https://twitter.com/search?q=%24USD&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$USD</a> AND WITHDRAW FROM ALL EXCHANGES ASAP‼️ <a href="https://t.co/jzQn6x5CR9" target="_blank">pic.twitter.com/jzQn6x5CR9</a></p>— Parrot Capital 🦜 (@ParrotCapital) <a href="https://twitter.com/ParrotCapital/status/1673913999942103040?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 28, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>The depreciation of TUSD on Binance.US comes shortly after the stablecoin’s reserve report revealed that the project had $26,000 in assets backing the stablecoin at a US depository institution that was recently ordered to halt withdrawals.</p> 
<p>The Network Firm, a rebranded entity of former FTX auditor Armanino, provided the attestation for the reserve report. This has sparked social media concerns about the cryptocurrency industry’s lack of checks and balances.</p> 
<p> You might also like: <a href="https://crypto.news/trueusd-hired-former-ftx-accounting-team-to-conduct-proof-of-reserves/"> TrueUSD hired former FTX accounting team to conduct proof-of-reserves </a> </p> 
<p>Adam Cochran, Managing Partner at Cinneamhain Ventures, expressed his concerns on Twitter, questioning the auditor’s credibility who had previously been involved in the FTX scandal. Cochran also pointed out that TrueUSD’s Chainlink price oracle consists of 17 different notes, all of which pull data from the same source, The Network Firm.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Wait, the auditor who has been attesting to the <a href="https://twitter.com/search?q=%24TUSD&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$TUSD</a> audits (in Prime Trust) was the old FTX auditor who set up under a new name after the FTX scandal?!?!?<br><br>These guys literally audited the biggest grift in history and just renamed themselves?!? <a href="https://t.co/HSUNhG9lkS" target="_blank">https://t.co/HSUNhG9lkS</a></p>— Adam Cochran (adamscochran.eth) (@adamscochran) <a href="https://twitter.com/adamscochran/status/1673832056944558080?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 27, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Earlier this month, traders took a bearish stance on TUSD amid rumors that the stablecoin project used the controversial crypto service provider, Prime Trust, to mint and redeem tokens. However, TrueUSD later clarified that it has no exposure to Prime Trust.</p> 
<p> Read more: <a href="https://crypto.news/stablecoin-risks-and-how-to-overcome-them-opinion/"> Stablecoin risks and how to overcome them | Opinion </a> </p>

TrueUSD’s value dips against tether on Binance.US

crypto.news

2023년 6월 28일에 게재된 다른 기사

TrueUSD hired former FTX accounting team to conduct proof-of-reserves

ADA Could Drop to $0.22 in the Next Few Days, Predicts Analyst

Shido Utility launching on new Blockchains!

EU Lays Down Crypto Bank-Capital Rules, Crypto Daily TV 28/6/2023

Dogecoin Lawsuit Takes a Dramatic Turn: Plaintiffs Push for Ousting of Musk and Tesla Counsel

FTX engages in talks to bring back international crypto exchange

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!