TrueUSD Stablecoin (TUSD) Depegged To $0.985 Amid Selloff

• The TUSD stablecoin depegged to $0.985 on Tuesday morning Asia time, according to Coinstats data.

Stablecoin TrueUSD (TUSD) dropped below its $1 peg on Tuesday morning in Asia with selling volume mounting on Binance.

TUSD currently trades at around $0.985215 at 10:30 a.m. Hong Kong time, after dropping to as low as $0.9837 earlier today, according to Coinstats data.

Binance’s TUSD-USDT pair saw a total selling volume of around $435.4 million in TUSD in the past 24 hours, with about $369.3 million worth of TUSD buy orders, according to the exchange’s trading page. That indicates a net outflow of $66.1 million, the data showed.

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“The massive selloff of TUSD reveals panic for its holders over the uncertainties of its reserves and instability related to Poloniex. After a recent hacking incident that targeted Poloniex, TUSD holders find themselves in an increasingly difficult situation to find stability with the USD-pegged stablecoin,” Nick Ruck, chief operating officer of ContentFi Labs, told The Block.

“It feels like such a little catalyst, but with the recent announcement of MANTA in Binance’s launchpool program and the need to stake BNB or FDUSD — at the expense of other stablecoins like TUSD that might have been used in the past for launchpool staking — it seems that a horde of investors are selling the latter for the former,” said Justin d’Anethan, head of APAC business development of crypto market maker Keyrock.