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#TrueUSD ( $TUSD ) was depegged to $0.9717!
What happened?
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On Jan 15, Binance announced farming $MANTA by staking $BNB and $FDUSD, excluding $TUSD.
This resulted in $TUSD holders selling $TUSD.
And $TUSD started to depeg after #Binance announcement
Binance trading data shows that $TUSD orders are mostly large, indicating that whales are selling TUSD.
And in the past 3 days, the large inflow was -$337M.
How about on-chain data?
The total circulating is 1.881B $TUSD, which has decreased by 1.4B $TUSD(-43%) in the past 2 months.
Arkham data shows that #Binance holds 1.7B $TUSD, 90.4% of the circulating supply.
After $TUSD depegged, a whale that had been dormant for ~560 days deposited 2.5M $TUSD to #Binance, possibly dumping it into other stablecoins.
2 whales including #JustinSun are buying $TUSD to get $TUSD back to the peg.
Whale"TT2T17" (suspected to be Justin Sun) burned 104M $TUSD after depegging, then deposited 200M $USDT to Binance and withdrew 139.56M $TUSD from #Binance.
Whale"TGiwro" withdrew 31.6M $TUSD from Binance and deposited it into #JustLend after depegging.
Then borrowed 18.97M $USDT from JustLend and deposited it into #Binance.
How about $TUSD reserves?
Collateral Ratio: 101.16%
$TUSD supply: $1,911,764,530
Escrowed Collateral: $1,933,973,827, including:
US Treasury Bills: $1,142,679,876
First Digital Trust Limited: $501,850,000
US Dollars Cash: $289,443,950
