Stablecoin TrueUSD Loses Peg Wreaking Havoc in the Market
In a surprising turn of events, TrueUSD (TUSD), a staple in the stablecoin market, has deviated from its peg to the US Dollar.
Historically, stablecoins like TUSD have been pivotal in facilitating cryptocurrency trade due to their inherent stability, pegged to traditional assets. However, TUSD’s recent fall to $0.9951 has unsettled this assumption, thus wreaking havoc in the crypto market.
The sudden dip in value was followed by an announcement from TrueUSD stating that TUSD mints via Prime Trust, Prime Trust, a crypto custody specialist regulated in the state of Nevada, are “paused for further notification.”
“TUSD minting and redemption services remain unaffected and will continue to operate as usual. We want to assure you that our partnerships with other banking institutions remain intact, allowing for seamless transactions,” reads the statement.
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This unexpected move has raised questions about the stability of stablecoins, given their crucial role in the overall crypto ecosystem.
This is a developing story…
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