TrueUSD Crashes 79% Following Binance Delisting
Major Impact on Market Capitalization
Stablecoin TrueUSD (TUSD), issued by the TrustToken platform and currently operating as Archblock, has seen a significant decline in its market capitalization. The drop of 78.9% occurred after the crypto exchange Binance removed several TUSD trading pairs, as revealed by analysts at CCData.
Decline in Trading Volume
According to CCData’s latest stablecoin research report, the monthly trading volume for TUSD pairs on centralized exchanges has plummeted to $569 million. This figure represents a dramatic decline of nearly 99% since May 2023. Binance, which holds a market share of 68.2% in trading TUSD pairs, played a crucial role in this downturn. Following Binance, WhiteBit and BitMart have market shares of 13.4% and 5.32%, respectively.
Efforts to Boost Adoption
In response to the declining trading volume, the stablecoin has introduced a zero-fee trading promotion for the TUSD/TRY pair on the Bitci exchange, aiming to boost its adoption.
Market Context and Stablecoin Trends
Despite TUSD’s struggles, the overall market for stablecoins has shown signs of recovery. In May, the total market value of stablecoins rose by 0.63% to $161 billion, marking the eighth consecutive month of growth and reaching the highest level since April 2022. This trend indicates a recovery in the stablecoin market, which had been in a seventeen-month downtrend following the collapse of TerraUSD, according to CCData.
Background and Launch of TrueUSD
TrueUSD was launched in March 2018 by TrustToken, co-founded by Rafael Cosman, Stephen Kade, Jai An, and Tory Reiss. The stablecoin was designed to provide a transparent and legally protected stablecoin fully collateralized by the U.S. dollar, ensuring its value remains stable. However, following its removal from Binance and issues with custodian Prime Trust, TUSD has faced challenges in maintaining its peg to the U.S. dollar, raising concerns about its reliability.
Conclusion
The delisting of TUSD trading pairs by Binance has had a profound impact on its market capitalization and trading volume. As the stablecoin market shows signs of recovery, the future of TrueUSD remains uncertain amid efforts to regain investor confidence and stabilize its value.
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TrueUSD Crashes 79% Following Binance Delisting
Major Impact on Market Capitalization
Stablecoin TrueUSD (TUSD), issued by the TrustToken platform and currently operating as Archblock, has seen a significant decline in its market capitalization. The drop of 78.9% occurred after the crypto exchange Binance removed several TUSD trading pairs, as revealed by analysts at CCData.
Decline in Trading Volume
According to CCData’s latest stablecoin research report, the monthly trading volume for TUSD pairs on centralized exchanges has plummeted to $569 million. This figure represents a dramatic decline of nearly 99% since May 2023. Binance, which holds a market share of 68.2% in trading TUSD pairs, played a crucial role in this downturn. Following Binance, WhiteBit and BitMart have market shares of 13.4% and 5.32%, respectively.
Efforts to Boost Adoption
In response to the declining trading volume, the stablecoin has introduced a zero-fee trading promotion for the TUSD/TRY pair on the Bitci exchange, aiming to boost its adoption.
Market Context and Stablecoin Trends
Despite TUSD’s struggles, the overall market for stablecoins has shown signs of recovery. In May, the total market value of stablecoins rose by 0.63% to $161 billion, marking the eighth consecutive month of growth and reaching the highest level since April 2022. This trend indicates a recovery in the stablecoin market, which had been in a seventeen-month downtrend following the collapse of TerraUSD, according to CCData.
Background and Launch of TrueUSD
TrueUSD was launched in March 2018 by TrustToken, co-founded by Rafael Cosman, Stephen Kade, Jai An, and Tory Reiss. The stablecoin was designed to provide a transparent and legally protected stablecoin fully collateralized by the U.S. dollar, ensuring its value remains stable. However, following its removal from Binance and issues with custodian Prime Trust, TUSD has faced challenges in maintaining its peg to the U.S. dollar, raising concerns about its reliability.
Conclusion
The delisting of TUSD trading pairs by Binance has had a profound impact on its market capitalization and trading volume. As the stablecoin market shows signs of recovery, the future of TrueUSD remains uncertain amid efforts to regain investor confidence and stabilize its value.
Read More
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