TrueUSD’s crashes 79% following Binance delisting
The cryptocurrency industry has been through a difficult time, and TrueUSD (TUSD) is the most recent casualty of market turbulence. The market capitalization of TrueUSD, a stablecoin created by the TrustToken platform, which is presently known as Archblock, dropped precipitously by 78.9% when major crypto platform Binance eliminated many trade pairings linked to the token. In this article, MPost will look closely at this occasion.
The delisting action by Binance, which has a commanding 68.2% market share in TUSD trading, turned out to be a serious setback for the market presence and liquidity of the stablecoin. Data from CCData shows that the monthly trading volume for TrueUSD pairings on controlled exchanges has dropped precipitously to the price of $569 million.
Following this delisting, TUSD has introduced a zero-fee buying offer for the TrueUSD/TRY pair in an effort to increase its popularity. But Binance’s choice has had a lasting negative effect on the stablecoin’s prospects.
There was a decline in the stablecoin market after the collapse of TerraUSD. However, it has begun to recover in the last several months. The market value of stablecoins as a whole increased significantly in May, hitting over $160 billion, the largest amount since 2022 and the ninth month of rise.
The difficulties faced by TrueUSD coincide with investors’ growing suspicions about the dependability and transparency of stablecoins. The TrueUSD coin was introduced in March 2018 by TrustToken. Its goal was to create a legally supported, open stablecoin that was completely collateralized by the US dollar, guaranteeing that its value would always be fixed against the global reserve currency.
The cryptocurrency industry has been rocked by the delisting of TrueUSD by Binance, which has reignited conversations about the vulnerability of some stablecoins and the possible systemic concerns they offer. Stablecoins have become even more important as a bridge between traditional finance and the decentralized world of digital assets as investors look for safer havens in the wild world of cryptocurrencies.
Even though TUSD’s difficulties have been well reported, it’s crucial to remember that the stablecoin industry has shown overall flexibility and durability. Despite the upheaval, significant players like Tether (USDT) and USD Coin (USDC) have maintained their dominance in the market by keeping their peg and liquidity.
But as the situation with TUSD shows, not all stablecoins are made equal, and investors need to be cautious and do their research before investing in this quickly changing market.
Future prospects for TrueUSD are still unclear as the team behind the coin strives assiduously to win back investor trust and stabilize its value. Its market visibility has certainly suffered greatly as a result of Binance’s delisting, but the stability of the stablecoin industry as a whole indicates that there may still be room for improvement.
After everything settles down, traders will surely focus on TrueUSD news and cryptocurrency developments, watching with bated breath for the stablecoin’s reaction and possible resurgence.
Disclaimer
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.
About The Author
He's a seasoned writer known for crafting compelling narratives that engage audiences and drive brand growth. With a keen eye for detail and a passion for storytelling, Kenth excels at turning complex ideas into eye-catching marketing messages.
More articles
He's a seasoned writer known for crafting compelling narratives that engage audiences and drive brand growth. With a keen eye for detail and a passion for storytelling, Kenth excels at turning complex ideas into eye-catching marketing messages.
