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Home»ALTCOIN NEWS»TUSD Depeg Drops Below $1: Unraveling a Legend
ALTCOIN NEWS

TUSD Depeg Drops Below $1: Unraveling a Legend

By Crypto FlexsJanuary 16, 20242 Mins Read
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TUSD Depeg Drops Below : Unraveling a Legend
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  • This is the largest decline since TUSD was launched.
  • In the last 24 hours, an outflow of approximately $128 million was recorded from Binance.

In a shocking development, the fifth-largest stablecoin, True USD (TUSD), fell below the ideal $1 peg as the specter of depeg came back to haunt the market.

TUSD falls below $1

According to AMBCrypto’s CoinMarketCap analysis, TUSD began falling below the peg at 11:00 AM (UTC) on January 15 and fell to $0.984 by 11:15 PM (UTC).

Notably, this is the biggest decline for TUSD since its official launch almost six years ago.

Source: CoinMarketCap

Is TUSD being abandoned in favor of USDT?

As the depeg news poured in, market observers noticed a surge in sell orders for TUSD on leading cryptocurrency exchange Binance (BNB).

To verify these claims, AMBCrypto turned to DeFiLlama. In fact, over the past 24 hours, exchanges have recorded TUSD outflows worth nearly $128 million.

USDT in particular saw a significant increase in capital around this time, leading participants to believe that TUSD was being redeemed in favor of the king of stablecoins.

Source: DeFiLlama

Concerns about TUSD have begun. surface Stablecoins are likely to be undercollateralized due to difficulties in accessing real-time proof of holdings.

For the uninitiated, this is a risk that suggests you may not have enough collateral to honor repayments in a crisis.

Is Binance giving you the cold shoulder?

The exclusion of TUSD from Binance’s latest MANTA launchpad has also raised eyebrows.

Specifically, Launchpad rewards investors who lock up their assets for a certain period of time with new tokens. With no choice for TUSD, holders may have started exchanging it for Binance’s favorite, FDUSD.

TUSD was supported by Binance in March after the downfall of Binance USD due to regulatory oversight. Binance began aggressively marketing TUSD thanks to its successful commission-free trading program.

However, as things came to light, Binance removed the commission-free promotion for the aforementioned pairs in early September.

The rationale for this move is not yet clear, but rumors have been floating around for some time about exposure to bankrupt cryptocurrency custodian Prime Trust. Since then, TUSD’s market capitalization has plummeted, while FDUSD has grown during the same period.

It has become clear that Binance has turned its full attention to FDUSD.

Source: Glassnode

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