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TrueUSD Stablecoin Sees Depreciation as Users Flock to USDT: Unraveling the Exodus

2024/01/18 19:53

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Downward Trajectory and Depegging

TrueUSD (TUSD), a stablecoin linked to crypto entrepreneur Justin Sun, has experienced a decline since January 15, depegging from its 1:1 benchmark to the US dollar. Despite its intended stability in volatile markets, TrueUSD dropped below $1 to $0.984 as users reportedly shifted holdings to rival stablecoin USDT.

Price Fluctuations and Recovery

On Thursday, the token hit a low of $0.9708 in Hong Kong but later recovered to $0.9723. Currently trading at $0.9893 with a market capitalization of $1.89 billion, TrueUSD is attempting to regain its $1 peg.

Binance Outflows and Trading Data

Traders on Binance, the largest cryptocurrency exchange, have offloaded approximately $238.3 million worth of TrueUSD through the TUSD-USDT trading pair in the past 24 hours. The net outflow stands at around $154.5 million, contributing to the depegging trend.

Upgrade and Concerns

TrueUSD's depegging coincides with its January 10 report on a full upgrade to the fiat reserve audit system in collaboration with Hong Kong-based firm MooreHK. The enhanced attestation report aims to provide more details about reserve funds held by financial partners. Prior concerns about undercollateralization and difficulties in real-time attestation were raised by the crypto community.

API Issues and Market Discrepancies

Issues with TrueUSD's API, preventing real-time US dollar valuation of collateral assets, were reported. Earlier observations on social media platforms indicated market discrepancies, with TrueUSD trading below its $1 peg on Poloniex but maintaining stability at $0.99 on Binance.

⚠️ $TUSD continues its march down off the Peg on Poloniex, while market cap dives

It’s doing ~$3M/day volume on there (prob wash traded). Meanwhile the price on Binance remains fairly steady.

The big ❓ is why isn’t anyone taking the nearly 10% arb?#JustinSunIsSetting https://t.co/qCUEZebLuk pic.twitter.com/oTo3JTPvnH
— Rho Rider (@RhoRider) December 16, 2023

In summary, TrueUSD faces depegging challenges as users migrate to USDT, triggering outflows on Binance. API issues and market concerns add complexity to the stablecoin's efforts to regain stability.

USDT

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