TrueUSD, one of the stablecoins pegged to the US dollar (TUSD) lost its stability and fell to $0.9685 after selling $238.3 million in the last 24 hours. While this is the lowest the asset has ever recorded, the price has failed to regain its hold since January 16.
At the time of writing, TUSD has made a slight recovery to $0.986, but has still not regained its $1 peg. The reason for the loss in value is still unconfirmed, but data from Binance, one of the largest cryptocurrency exchanges, reveals that users panicked and sold assets worth more than $238.3 million in the last 24 hours.
On the first day when the price lost the constant, a loss of 100 million dollars in TUSD valuation attracted attention. stablecoin Although it had a market value of $2.4 billion last month, it is currently worth around $1.9 billion.
TrueUSD was launched in 2018 and is claimed to have a connection with Justin Sun, the founder of TRON, a blockchain-based platform. In September 2022, TUSD became widely known when it was “cherry-picked” by Binance, which consolidated its balance to replace another stablecoin, BUSD. As of July 2023, Binance was the primary owner of up to 90% of the total stablecoin supply.
However, during the same period, Binance also launched a new stablecoin called FDUSD, and its “favor” gradually shifted to FDUSD. Since then, the exchange no longer listed TUSD trading pairs, indicating its separation from the coin.