Stablecoin TrueUSD Struggles: Depeg Causes Turmoil in Crypto Market

2023-6-10 09:24

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.

Stablecoin TrueUSD Loses Peg. Source: CoinGecko

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.

Stay informed about the latest developments in the stablecoins market sector by joining the Top 11 Crypto Communities in 2023!

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…

The post Stablecoin TrueUSD Struggles: Depeg Causes Turmoil in Crypto Market appeared first on BeInCrypto.

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