The value of TrueUSD (TUSD), a stablecoin pegged to the US dollar, has significantly dropped compared to tether (USDT) on Binance.US. The TUSD/USDT pair was trading at $0.89 on Binance.US, while on the global Binance platform, it traded at approximately $0.9980. Stablecoins, which have gained popularity as funding currencies, can influence the broader cryptocurrency market due to their volatility. However, TUSD’s recent fluctuations have not yet affected the market, including bitcoin, which remains above $30,000. TUSD presents less systemic risk than tether, with a market cap of $3 billion compared to tether’s $83 billion. However, TUSD has faced pressure from low trading volumes. Concerns have been raised about TUSD’s reserve report and the credibility of its auditor, who was previously involved in the FTX scandal. Traders previously took a bearish stance on TUSD amid rumors of its connection to the controversial Prime Trust crypto service provider, but TrueUSD clarified that it has no exposure to Prime Trust.
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