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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.