Binance spotlights FDUSD TUSD loses $1 peg

Author: BySam Reynolds, coindesk Translation: Shan Oppa, Golden Finance

Binance launched zero-fee FDUSD trading in December to incentivize users to sell.

CoinDesk index data shows that as the Asian trading day continues, the trueUSD (TUSD) stablecoin is still deviating from its expected $1, currently trading at 0.988 Dollar.

Data from cryptocurrency exchange Binance shows that in the past 24 hours, TUSD sell orders exceeded $444 million and buy orders exceeded $301 million, Resulting in a flow deficit of $142 million.

CryptoQuant analyst Bradley Park told CoinDesk in an interview with Telegram: "TUSD is related to Justin Sun and its market value is shrinking."   "This may be due to HTX and The potential impact of the Poloniex hack.”

Park also pointed out that Binance canceled First Digital’s FDUSD and Ethereum (ETH), BNB Chain’s BNB, Dog Fees on Dogecoin (DOGE) and Solana’s SOL trading pair are another reason for the price drop as the exchange does not offer TUSD as an option for staking new tokens on ETH. its launchpad.

Park explained that the surge in FDUSD trading volume coincided with the decoupling of TUSD, indicating that you can move to FDUSD to participate in the FDUSD launch pool and join the Binance Manta launchboard. Launchpad is a popular service that rewards investors with new tokens for locking a specific asset, such as FDUSD or BNB, for a period of time.

"We believe that because the Launchpad pool did not open, TUSD holders were sold off, resulting in a decoupling," he continued.

There are also ongoing concerns about the certification of TUSD. However, a spokesperson for Techteryx, the company behind TUSD, told CoinDesk that “certifications continue in the normal course of business and any suggestion to the contrary is false.” The spokesperson also said that Justin Sun is not a shareholder of Techteryx . Recent community mining activity related to Binance Launchpool has attracted attention, which has resulted in short-term arbitrage opportunities as part of normal market dynamics and liquidity adjustments.