Stablecoin TUSD has lost its peg to the US dollar

Stablecoin TrueUSD (TUSD) has lost its peg to the US dollar. According to the data Coinmarketcapthe asset rate fell to $0.995 on several cryptocurrency exchanges.

At the time of publication, the asset is trading at $0.997. The market capitalization of the TrueUSD stablecoin is $3.16 billion.

Kaiko platform analyst Riyad Carey also drew attention to the large sales of TUSD. According to him, one of the orders was for $3 million.

TUSD peg looking shaky as some big market sells are rolling through, largest of which was $3mn in a single order pic.twitter.com/TnU9nIWw1w

— Riyad Carey (@riyad_carey) November 27, 2023

In May 2023, the Binance cryptocurrency exchange officially opened trading for TUSD. In June, the TUSD stablecoin was trading at $0.8 on the Binance.US crypto exchange. Then analysts suggested that the loss of the link was due to the ban on the activities of the Prime Trust custodial service, which was TrueUSD’s technical partner.

TUSD is believed to have weakened in November amid news that Hezbollah and Hamas were using the Tron network to finance their activities. Organizations are increasingly abandoning Bitcoin and switching to this blockchain, according to Reuters.

Tron founder Justin Sun said his company does not support funding of terrorist groups:

TRON is a decentralized protocol, similar to Bitcoin and Ethereum, with nodes operating worldwide. Global super representatives are responsible for running this protocol. While we are committed to combating terrorist financing by integrating various analysis projects and…

— HE Justin Sun 孙宇晨 (@justinsuntron) November 27, 2023