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Stablecoin TrueUSD dropped to a low of around $0.9685 on Thursday morning. TUSD has since recovered slightly and is currently trading around $0.9856.
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The stablecoin fell below the U.S. dollar peg following reports that holders were selling hundreds of millions of dollars worth of TUSD on January 15. Binance data showed that users sold about $238.3 million worth of TrueUSD through the trading pair in the last 24 hours, while traders bought about $83.8 million. This represents a net outflow of about $154.5 million.
Reports emerged on January 10 that TrueUSD had paused real-time verifications of its reserves and that an X user had expressed concerns that the company was unable to back its tokens. According to Protos, the company later attributed the incident to a few internal errors.
TrueUsd said on Wednesday that it had “completely upgraded the fiat reserve auditing system” in partnership with accounting firm MooreHK. The TrueUSD statement said that the “upgraded attestation report includes additional details about the reserve funds under the custody of financial and trustee partners.”
Justin d’Anethan, head of business development for Asia Pacific at Keyrock, said earlier this week that “with the recent announcement of Manta in Binance’s launch pool program and the need to stake BNB or FDUSD at the expense of other stablecoins like TUSD that could have been used for launch pool staking in the past, it looks like a lot of investors are selling Manta.”
According to Nick Ruck, chief operating officer of ContentFi Labs, it could also have been affected by the $100 million security breach at Justin Sun’s cryptocurrency exchange Poloniex.