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TrueUSD plunges 79% following Binance delisting
Justin Sun-affiliated stablecoin TrueUSD (TUSD) lost nearly 80% of its market capitalization after cryptocurrency exchange Binance delisted several trading pairs.
TrueUSD (TUSD), a stablecoin issued by the TrustToken platform, currently trading as Archblock, fell 78.9% after several TUSD pairs were traded deleted on Binance, CCData analysts revealed.
In its latest stablecoin research report, CCData says that monthly trading volume for TUSD pairs on centralized exchanges fell to $569 million, a decline of nearly 99% from May 2023.
“Binance remains the dominant exchange trading the largest number of TUSD pairs with a market share of 68.2%. WhiteBit and BitMart follow with a market share of 13.4% and 5.32%. The stablecoin recently introduced a zero-commission trading promotion for the TUSD/TRY pair on Bitci to increase adoption.”
CCData
Analysts noted that the total market value of stablecoins increased by 0.63% to $161 billion in May, marking the eighth consecutive month of growth and reaching the highest level since April 2022. This increase indicates a recovery in the stablecoin market, which had been in a seventeen-month downtrend following the collapse of TerraUSD, according to CCData.
TrueUSD was launched in March 2018 by TrustToken, a company co-founded by Rafael Cosman, Stephen Kade, Jai An, and Tory Reiss. The stablecoin was designed to provide a transparent and legally secured stablecoin, fully collateralized by the US dollar, ensuring its value remains stable. However, following its removal from Binance and custodian issues Trust firstTUSD has lost its peg to the US dollar several times, raising concerns about the reliability of the stablecoin.