TrueUSD (TUSD) Slips Below $1 Peg Amid Binance Selling Surge.
During the Asian morning on Tuesday, the stablecoin TrueUSD (TUSD) witnessed a decline below its $1 peg, accompanied by an uptick in selling activity on the Binance platform.
As of 10:30 a.m. Hong Kong time, TUSD is trading around $0.985215, reaching a low of $0.9837 earlier in the day. Binance's TUSD-USDT pair recorded a total selling volume of approximately $435.4 million in TUSD within the last 24 hours. However, buy orders for TUSD on the exchange amounted to about $369.3 million, resulting in a net outflow of $66.1 million, according to data from the exchange's trading page.
Nick Ruck, Chief Operating Officer of ContentFi Labs, shared insights into the situation, noting, "The significant selloff of TUSD reflects panic among its holders regarding uncertainties surrounding its reserves and instability related to Poloniex. Following a recent hacking incident targeting Poloniex, TUSD holders are finding it increasingly challenging to maintain stability with the USD-pegged stablecoin."
Observers are speculating that the sell-off is connected to the MANTA launchpool, with reports indicating that many individuals purchased TUSD, and some opted to sell, contributing to the current market dynamics.
