TUSD Hits Record Low Amid Binance Sell Orders and USDT Preference
The Fall of TUSD: An Analysis
In a surprising event, the fifth-largest stablecoin, True USD (TUSD), has fallen below its ideal peg of $1. This is the lowest level that TUSD has fallen to since its launch almost six years ago.
TUSD Falls Below $1
According to an analysis by CoinMarketCap, TUSD began to slip below the peg at 11:00 UTC on January 15 and fell to as low as $0.984 by 23:15 UTC.
TUSD Being Abandoned in Favour of USDT?
With the news of the decoupling, market observers noticed an increase in sell orders for TUSD on the leading cryptocurrency exchange Binance. In fact, outflows of nearly $128 million from the exchange were recorded in the last 24 hours. Notably, USDT saw a significant capital increase at this time, leading participants to believe that TUSD was being redeemed in favour of the king of stablecoins.
Concerns Regarding TUSD
Concerns about TUSD began to emerge when difficulties in real-time confirmation of its reserves occurred, potentially implying that the stablecoin was under-collateralized. This is a risk as it suggests that there may not be enough collateral to honour withdrawals in a crisis.
Binance Giving TUSD the Cold Shoulder?
The exclusion of TUSD from Binance’s latest MANTA Launchpad also caused a stir. Notably, the Launchpad awards new tokens to investors who lock up assets for a certain period. Without an option for TUSD, holders may have begun to redeem it against Binance’s new favourite, FDUSD.
TUSD was supported by Binance in March following the decline of Binance USD due to regulatory overviews. Binance began aggressively promoting TUSD, backed by its successful no-fee trading program. However, as it turned out, Binance removed the fee exemption for the said pair in early September. While a plausible reason for the move was not clear yet, rumours of exposure to the bankrupt crypto custodian Prime Trust circulated for a while.
TUSD’s market capitalization has since decreased, while FDUSD has grown over the same period. It became apparent that Binance has directed its full attention to FDUSD.
The events surrounding TUSD demonstrate how volatile and uncertain the world of cryptocurrencies can be. It is important to always stay informed and make informed decisions. So, stay tuned for more updates and analyses in the world of online casinos and cryptocurrencies.
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