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Stablecoin TrueUSD fell below its $1 peg on Tuesday morning in Asia, as selling volume increased on Binance. TUSD fell as low as $0.9837 earlier in the day. According to the Coin Metrics price page, TUSD was trading around $0.985215 as of 2:30 a.m. EST on Tuesday, after falling to $0.9837 overnight.
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According to the exchange’s trading page, Binance’s TUSD-USDT pair saw a total sell volume of approximately $435.4 million in TUSD in the past 24 hours, and approximately $369.3 million in TUSD buy orders were placed, according to the exchange’s order book. The data showed this represented a net outflow of $66.1 million.
Nick Ruck, chief operating officer of ContentFi Labs, said in a statement that following a recent hacking incident targeting Poloniex, TUSD holders are finding themselves in an increasingly difficult position to find stability with the USD-pegged stablecoin.
Justin d’Anethan, APAC head of business development at Keyrock, said in a statement:
“It seems like a small catalyst, but given 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 seems like a lot of investors are selling the latter for the former,” he said.
What is TrueUSD (TUSD)?
Looking directly at the question of what is TrueUSD (TUSD), it is the first digital asset that is independently verified to be redeemable 1-to-1 for U.S. dollars. This multi-chain stablecoin uses traditional banks, escrow accounts, and third-party attestations to reduce counterparty risk, provide transparency, and prevent fraud.