TrueUSD (TUSD) stopped being equal to the US dollar this week. This is the second time it has changed in the last two months. Dropping below the US dollar and going down to $0. 9685 is something that many people using cryptocurrency are used to. It made them think of when the USTC stopped being connected to something in 2022, before the bad TerraLUNA crash happened.
Reports say that a lot of people selling a cryptocurrency called TUSD caused its price to change a lot on Monday. Information from the Binance exchange showed that when there was not enough TUSD being produced on one of its newest Launchpools, the stablecoin’s value dropped. The crypto exchange lost $377. 2 million worth of TUSD in one day.
This is the second time in the last two months that the TUSD has been depegged. In November 2023, the stablecoin’s value dropped to $0. 988, losing parity with the US dollar.
TUSD lost 1. 42% of its value and is now the 5th stablecoin on CoinmarketCap. At the moment, the struggling stablecoin’s market value is $1. 89 billion, which is lower than USDT, USDC, DAI, and FDUSD.
The TUSD depeg made crypto users think of the USTC depeg in 2022. Some people think that trust issues might be a problem in the current situation, just like they were in the past with USTC and Do Kwon. In this situation, some people are saying that Justin Sun, who created the TUSD stablecoin, is responsible for what happened.
Adam Cochran, someone who knows a lot about cryptocurrencies, called the troubled stablecoin a scam owned by Justin Sun. In a recent message on X (which used to be called Twitter), Cochran praised Binance for not including TUSD in its latest pools. He said that TUSD should not be considered as a top priority asset.
TUSD went up in price after falling and is now trading at $0. 9917 The price went down to $0. 9685, but today it is starting to go back up. This information comes from the Binance exchange trading page.
Warning: The details in this article are only for learning and understanding purposes. This article is not giving any financial or other advice.