TrueUSD deploys new reserve audit system in attempt to recover dollar peg
TrueUSD’s price fell to $0.97 on Jan. 18 despite its efforts to assure users of its fiat reserves.
TrueUSD (TUSD), a stablecoin associated with Tron founder Justin Sun, has deployed daily attestation services from an accounting firm as it struggles to recover its dollar peg.
On Jan. 15, the TUSD stablecoin started to lose its dollar peg, dropping to $0.984 at 11:15 pm UTC. The depeg came as traders sold over $339 million in TUSD on the Binance exchange in 24 hours. This led to a total net outflow of $42.3 million in the exchange.
Users on X (formerly Twitter) have also speculated that the depeg may be related to the stablecoin not being included as an asset on the Manta (MANTA) launch pool initiative by Binance. In addition, reports saying that TUSD was struggling to post real-time attestations of its reserves also surfaced on social media on Jan. 10.
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