TUSD Falls Below $1 Peg on Binance
TUSD (TrueUSD) dropped below its $1 peg on Tuesday morning in Asia, with selling volume increasing on Binance. Currently trading at around $0.985215 at 10:30 a.m. Hong Kong time, TUSD reached a low of $0.9837 earlier today.
Selling Volume and Buy Orders on Binance
Binance’s TUSD-USDT pair recorded a total selling volume of approximately $435.4 million in TUSD over the past 24 hours. The exchange also saw about $369.3 million worth of TUSD buy orders, resulting in a net outflow of $66.1 million.
Panic among TUSD Holders
The significant selloff of TUSD reflects panic among holders due to concerns over reserve uncertainties and instability related to Poloniex. Following a recent hacking incident that targeted Poloniex, TUSD holders are finding it increasingly challenging to maintain stability with this USD-pegged stablecoin.
No Immediate Response from TrueUSD
TrueUSD has not yet responded to The Block’s request for comment.
Hot Take: Concerns over Stability and Reserves Impact TUSD Value
The recent drop in value of TUSD below its $1 peg raises concerns about the stability and reserves backing this stablecoin. With mounting panic among holders and uncertainty surrounding Poloniex, it remains to be seen how TrueUSD will address these issues and restore confidence in its product.
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