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Stablecoin TrueUSD ($TUSD) affiliated with Justin Sun lost nearly 80% in market capitalization after crypto exchange Binance removed several trading pairs with it.
TrueUSD ($TUSD), a stablecoin issued by the TrustToken platform, which currently operates as Archblock, declined by 78.9% after several $TUSD pairs were delisted on Binance, analysts at CCData revealed.
In its latest stablecoin research report, CCData says the monthly trading volume for $TUSD pairs on centralized exchanges has dropped to $569 million, representing a decline of nearly 99% since May 2023.
“Binance remains the dominant exchange that trades the most $TUSD pairs with a market share of 68.2%. WhiteBit and BitMartfollow with a market share of 13.4% and 5.32%. The stablecoin has recently introduced a zero-fee trading promotion for $TUSD/TRY pair on Bitci to boost its adoption.”
CCData
Analysts noted that in May, the total market value of stablecoins rose by 0.63% to $161 billion, marking the eighth consecutive month of growth and reaching the highest level since April 2022. This increase signifies a recovery in the stablecoin market, which had been in a seventeen-month downtrend following the collapse of TerraUSD, according to CCData.
TrueUSD was launched in March 2018 by TrustToken, a firm co-founded by Rafael Cosman, Stephen Kade, Jai An, and Tory Reiss. The stablecoin was designed to provide a transparent and legally protected stablecoin that is fully collateralized by the U.S. dollar, ensuring its value remains stable. However, following its removal from Binance and issues with custodian Prime Trust, $TUSD has several times lost its peg to the U.S. dollar, raising concerns about the stablecoin’s reliability.