On the night of January 15-16, 2024, the stablecoin TrueUSD (TUSD) lost its peg to the US dollar. Since then, the asset not only has not returned to the $1 mark, but has continued to fall. At the time of writing, the “stable coin” rate is $0.97:
Note that over the last week TUSD lost 1.30% in price, and over the past day this figure decreased by 0.17%.
Also, within 24 hours, traders on the Binance cryptocurrency exchange sold more than $25 million in TUSD, while buy orders reached $21.6 million. The net outflow of stablecoins from the platform amounted to $3.4 million.
On January 10, 2024, information appeared that the issuer of the TrueUSD stablecoin was having difficulty publishing confirmations of its reserves in real time. Already on January 17, the TrueUSD team announced that it had “completely updated its fiat reserve audit system” in partnership with accounting firm MooreHK. However, by that time the asset had already lost its peg to the US dollar.
Note that in March 2020, TUSD was trading near $0.91, and in May 2018, the asset price was $1.36, which is a historical high.
Source: Cryptocurrency
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