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TrueUSD depegs to $0.985 amid massive $340m sale

trueusd-depegs-to-0-985-amid-massive-340m-sale
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TrueUSD depegs to $0.985 amid massive $340m sale

Stablecoin TrueUSD (TUSD) has lost its peg to the U.S. dollar.

According to Chainlink, on Jan. 16, TUSD was trading at $0.985. TUSD first fell significantly below its peg around Jan. 15 at 11:00 UTC, falling to $0.984 at 23:15.

TrueUSD depegs to $0.985 amid massive $340m sale - 1

The move comes amid rumors that TrueUSD holders are cashing out hundreds of millions of tokens in exchange for rival stablecoin Tether (USDT). At press time, traders had sold more than $340 million worth of TUSD in the last 24 hours, compared to just $296.8 million in buy orders, for a total net outflow of more than $43 million.

Earlier, rumors appeared in the cryptocurrency community that the issuer of TrueUSD could not promptly publish a report on the collateral of the coin.

According to Protos, on Jan. 10, the system experienced several API errors and could not report the dollar value of its collateral assets.

Last February, the Binance cryptocurrency exchange released TrueUSD, a few days after reports that American regulators had initiated an investigation into the issuer of the stablecoin Binance USD (BUSD), Paxos.

According to Etherscan, the token issue occurred on Feb. 16, two days after former Binance CEO Changpeng Zhao stated that their company would seek to diversify investment assets in stablecoins, moving away from BUSD.