TUSD costs less than real USD now
In the Asian markets this Tuesday morning, TrueUSD (TUSD) saw its value decline to $0.985. According to recent figures, significant capital movement was noted on the Binance exchange, particularly in the TUSD-USDT trading pair, which experienced a withdrawal exceeding $66 million.
As of 10:30 a.m. in Hong Kong, TUSD’s trading value hovered around $0.985215, following an earlier dip to $0.9837 within the day.
The trading activity on Binance for the TUSD-USDT pair revealed a substantial sell-off, with sales of TUSD reaching approximately $435.4 million over the last day. This was contrasted by buy orders amounting to nearly $369.3 million, culminating in a net outflow of $66.1 million from the data provided.
Nick Ruck, the Chief Operating Officer of ContentFi Labs, commented: “The abrupt divestment from TUSD is indicative of the anxiety among its holders concerning the reserve’s reliability and the recent issues surrounding Poloniex. The hacking incident that hit Poloniex has compounded the challenges for those holding TUSD, seeking stability in this dollar-pegged cryptocurrency.”
Justin d’Anethan, who leads business development for Keyrock in the Asia-Pacific region, weighed in on the factors influencing the market: “The trigger for this sell-off seems minor, but it coincides with Binance’s introduction of MANTA into its launch pool program. This requires staking BNB or FDUSD and has led to a shift away from other stablecoins like TUSD that were previously staked in these programs. It appears a significant number of investors are now opting to sell TUSD in favor of other assets.”