TrueUSD (TUSD) Sees Unprecedented De-pegging, Sparks Concerns

In the last 24 hours, TrueUSD (TUSD) experienced a significant de-pegging, trading at $0.9878, well below its $1 peg. The unexpected drop triggered reactions on exchanges and social media, notably on Binance where TUSD briefly fell to $0.984.

Analysts linked the price dip to massive outflows on Binance, with over $369.2 million in TUSD sold compared to $239.1 million in buy orders. This $130 million net outflow indicates traders swiftly converting TUSD holdings into other cryptocurrencies.

Stablecoin experts raised concerns about TUSD's reserve collateralization, highlighting challenges in the attestation system providing updated USD valuations. Despite these developments, the TUSD team is yet to issue a public statement.