TrueUSD’s price fell to $0.97 on Jan. 18 despite its efforts to assure users of its fiat reserves.
TrueUSD (TUSD), a stablecoin associated with Tron founder Justin Sun, has deployed daily attestation services from an accounting firm as it struggles to recover its dollar peg.
On Jan. 15, the TUSD stablecoin started to lose its dollar peg, dropping to $0.984 at 11:15 pm UTC. The depeg came as traders sold over $339 million in TUSD on the Binance exchange in 24 hours. This led to a total net outflow of $42.3 million from the exchange.
In a Jan. 18 X post, TrueUSD blamed the de-pegging event on “community mining activities associated with Binance Launchpool,” which it said led to short-term arbitrage opportunities for traders.
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Source: https://cointelegraph.com/news/trueusd-reserve-audit-system-depeg-data