TrueUSD Stablecoin Depegs As Holders Dump $330 mn in TUSD
TrueUSD (TUSD), a stablecoin linked to Justin Sun, has fallen below its $1 peg due to reports of holders cashing out hundreds of millions of TUSD in exchange for competitor Tether.
The peg first fell below $0.984 on January 15, and now trades for $0.988, 1.3% below its intended $1 peg.
The depegging event occurred after midnight on January 15, amid a surge of selling on Binance. As of publication, traders have sold over $339.2 million worth of TUSD in the last 24 hours, resulting in a net outflow of $42.3 million.
On January 10, TrueUSD faced issues posting real-time attestations of its reserves, suggesting it may have been undercollateralized.
(With inputs from Shikha Singh)
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