Justin Sun-affiliated stablecoin TrueUSD (TUSD) has seen its market capitalization drop by nearly 80% after cryptocurrency exchange Binance removed several trading pairs.
TrueUSD (TUSD), a stablecoin issued by the TrustToken platform now operating as Archblock, fell 78.9% after several TUSD pairs were delisted from Binance, analysts at CCData said.
In its latest stablecoin research report, CCData stated that monthly trading volume for TUSD pairs on centralized exchanges has decreased to $569 million. This represents a decline of almost 99% since May 2023.
“Binance remains the dominant exchange trading the most TUSD pairs with 68.2% market share. WhiteBit and BitMart occupy market shares of 13.4% and 5.32%, respectively. The stablecoin recently introduced a commission-free trading promotion for the TUSD/TRY pair on Bitci to increase adoption.”
CC data
Analysts noted that the overall market value of stablecoins in May rose 0.63% to $161 billion, marking the eighth consecutive month of growth and reaching its highest level since April 2022. According to CCData, it has been in decline for 17 months since the TerraUSD collapse.
TrueUSD was launched in March 2018 by TrustToken, a company co-founded by Rafael Cosman, Stephen Kade, Jai An, and Tory Reiss. Stablecoins are designed to provide a transparent, legally protected stablecoin fully collateralized by U.S. dollars, ensuring that its value remains stable. However, following its removal from Binance and issues with its custodian Prime Trust, TUSD has lost its peg to the US dollar several times, raising concerns about the reliability of the stablecoin.