TrueUSD (TUSD), one of the major stablecoins in the crypto market, has faced substantial
challenges recently, resulting in a severe devaluation and a drop below its dollar peg. In only a week's time, TUSD's market cap fell by 50%, a decline credited largely to the announcement of
Binance delisting several TUSD trading pairs. This tumultuous period also saw a significant data breach in TrueUSD's third-party systems, sparking additional concerns over the coin's security. Justin Sun, known for his involvement with TRON and BitTorrent, is controversially linked with TrueUSD and has minted a staggering $815M in the token, raising questions of over-collateralization. Following a series of
redemption issues, the stablecoin lost full control of its operation to its Asian owner. Amidst these circumstances, TUSD's value slid to a three-year low, with speculation insinuating Sun may use the fall to his advantage. Amid these trials,
TrueUSD launched a new reserve audit system in an attempt to recover the dollar peg and strengthen transparency. They also partnered with a top accounting firm to enhance transparency for crypto holders. Nevertheless, the
stablecoin continues to struggle, with concerns of terrorism funding and security breaches amplifying apprehensions around the coin's credibility.
TrueUSD News Analytics from Tue, 20 Feb 2018 08:00:00 GMT to Tue, 13 Aug 2024 07:00:00 GMT -
Rating -7
- Innovation -5
- Information 3
- Rumor -9
