{"id":9828,"date":"2024-01-16T10:22:12","date_gmt":"2024-01-16T08:22:12","guid":{"rendered":"https:\/\/forklog.com\/en\/tusd-stablecoin-loses-dollar-peg\/"},"modified":"2024-01-16T10:22:12","modified_gmt":"2024-01-16T08:22:12","slug":"tusd-stablecoin-loses-dollar-peg","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/tusd-stablecoin-loses-dollar-peg\/","title":{"rendered":"TUSD Stablecoin Loses Dollar Peg"},"content":{"rendered":"<p>On January 15, the &#8220;stablecoin&#8221; TrueUSD (TUSD) lost its parity with the US dollar, dropping by 1.3% to $0.984.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/HBNO-LCTK5dgpQyM_qXUNGbmO47T4dFVE8vZMDTU4J1gV0mmC9kMeUFFV-M_Q72rg7PfVMnN3LSinY6nOaYeqqmX9wQKd72foXtRBRzSuxHVbVaHnpJ9gR5W5KscZdgCjXdNwnVobEhHqTP1KrNzbCM\" alt=\"TUSD Stablecoin Loses Dollar Peg\"\/><figcaption class=\"wp-element-caption\">TUSD Chart. Data: <a href=\"https:\/\/coinmarketcap.com\/ru\/currencies\/trueusd\/\">CoinMarketCap<\/a>.<\/figcaption><\/figure>\n<p>The loss of the peg occurred amid a significant volume of TUSD sales on the Binance crypto exchange.<\/p>\n<p>At the time of publication, traders had sold stablecoins worth over $451 million in the past 24 hours. Considering purchase orders amounting to $300 million, the net outflow of TUSD was $151 million.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/LnMLMe_YOnc_Opz1RIHEEqQGlAkoqKEjRZr1nRBHFvgo2F8SHMQrPeGAaLEEQ8gcyx2VMG7VGCeTuP1n64P9LjjcHa99ddcMubMcmF_pOXVlbe5DXF_rVNcNWV_Sh3nBoelcHyhP7igeOR-zg0ybk6Y\" alt=\"TUSD Stablecoin Loses Dollar Peg\"\/><figcaption class=\"wp-element-caption\">TUSD Inflow and Outflow. Data: <a href=\"https:\/\/www.binance.com\/en-ZA\/trade\/TUSD_USDT?type=spot\">Binance<\/a>.<\/figcaption><\/figure>\n<p>According to <a href=\"https:\/\/www.coingecko.com\/en\/coins\/true-usd\">CoinGecko<\/a>, the asset&#8217;s capitalization is $1.9 billion with a daily trading volume of $585 million.<\/p>\n<p>On January 10, reports emerged that TUSD was experiencing difficulties in confirming its reserves in real-time, raising community concerns about insufficient backing.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The realtime attests of TUSD stopped working since yesterday, which potentialy means that it was reported as undercollatelised. (see status description in the pic)<a href=\"https:\/\/twitter.com\/tusdio?ref_src=twsrc%5Etfw\">@tusdio<\/a> <a href=\"https:\/\/twitter.com\/The_NetworkFirm?ref_src=twsrc%5Etfw\">@The_NetworkFirm<\/a> any comments? <a href=\"https:\/\/t.co\/s4vsa7Gz4o\">pic.twitter.com\/s4vsa7Gz4o<\/a><\/p>\n<p>\u2014 Symbio (@NoCryptFish) <a href=\"https:\/\/twitter.com\/NoCryptFish\/status\/1745081696930660483?ref_src=twsrc%5Etfw\">January 10, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to a <a href=\"https:\/\/protos.com\/trueusd-attestations-paused-again-this-time-for-improper-balances\/\">report<\/a> by Protos, the stablecoin&#8217;s security mechanism detected several errors in the <span data-descr=\"Application Programming Interface \u2014 \u043f\u0440\u043e\u0433\u0440\u0430\u043c\u043c\u043d\u044b\u0439 \u0438\u043d\u0442\u0435\u0440\u0444\u0435\u0439\u0441 \u043f\u0440\u0438\u043b\u043e\u0436\u0435\u043d\u0438\u044f\" class=\"old_tooltip\">API<\/span> and was unable to calculate the dollar value of its collateral assets.<\/p>\n<p>Meanwhile, TUSD traded for several weeks with an almost 8% deviation from its target value on Poloniex, while its price on Binance remained stable.<\/p>\n<p>According to X user Rho Rider, the &#8220;obvious explanation&#8221; is that users still cannot withdraw or deposit TUSD on Poloniex.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">\u26a0\ufe0f <a href=\"https:\/\/twitter.com\/search?q=%24TUSD&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$TUSD<\/a> continues its march down off the Peg on Poloniex, while market cap dives<\/p>\n<p>It\u2019s doing ~$3M\/day volume on there (prob wash traded). Meanwhile the price on Binance remains fairly steady. <\/p>\n<p>The big \u2753 is why isn\u2019t anyone taking the nearly 10% arb?<a href=\"https:\/\/twitter.com\/hashtag\/JustinSunIsSetting?src=hash&#038;ref_src=twsrc%5Etfw\">#JustinSunIsSetting<\/a> <a href=\"https:\/\/t.co\/qCUEZebLuk\">https:\/\/t.co\/qCUEZebLuk<\/a> <a href=\"https:\/\/t.co\/oTo3JTPvnH\">pic.twitter.com\/oTo3JTPvnH<\/a><\/p>\n<p>\u2014 Rho Rider (@RhoRider) <a href=\"https:\/\/twitter.com\/RhoRider\/status\/1735900701979443688?ref_src=twsrc%5Etfw\">December 16, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Back in October 11, 2023, the real estate-backed tokenized stablecoin Real USD (USDR) lost its peg, dropping in price by 50%. Prior to the depeg, the coin&#8217;s capitalization was around $45 million.<\/p>\n<p>Later, Moody\u2019s recorded 609 depegs of major stablecoins over the past year. In total, there were 1914 &#8220;depegs&#8221; from January to September.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On January 15, the &#8220;stablecoin&#8221; TrueUSD (TUSD) lost its parity with the US dollar, dropping by 1.3% to $0.984. TUSD Chart. Data: CoinMarketCap. The loss of the peg occurred amid a significant volume of TUSD sales on the Binance crypto exchange. At the time of publication, traders had sold stablecoins worth over $451 million in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9827,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[807,966],"class_list":["post-9828","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-stablecoins","tag-trueusd"],"aioseo_notices":[],"amp_enabled":true,"views":"39","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/9828","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=9828"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/9828\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/9827"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=9828"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=9828"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=9828"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}