TrueUSD’s crashes 79% following Binance delisting

Justin Sun’s Stablecoin TrueUSD (TUSD) lost nearly 80% in market value after crypto exchange Binance removed several trading pairs from it.

CCData analysts revealed that TrueUSD (TUSD), the stablecoin issued by the TrustToken platform and currently operating as Archblock, has fallen by 78.9% after several TUSD pairs were delisted on Binance.

In its latest stablecoin research report, CCData says that monthly trading volume of TUSD pairs on centralized exchanges has fallen to $569 million, representing a decline of approximately 99% since May 2023.

“Binance remains the dominant exchange trading the most TUSD pairs with 68.2% market share. WhiteBit and BitMart follow with 13.4% and 5.32% market shares. Stablecoin recently launched a zero-commission trading promotion for the TUSD/TRY pair on Bitci to increase its adoption.”

CCData

Analysts stated that the total market value of stablecoins increased by 0.63% in May to $161 billion, recording growth for the eighth consecutive month and reaching the highest level since April 2022. This increase means a recovery in the stablecoin market. A seventeen-month downtrend followed the collapse of TerraUSD, according to CCData.

TrueUSD was launched in March 2018 by TrustToken, co-founded by Rafael Cosman, Stephen Kade, Jai An and Tory Reiss. Stablecoin is designed to provide a transparent and legally protected stablecoin that is fully collateralized by the US dollar, ensuring its value remains stable. However, following its removal from Binance and issues with custodian Prime Trust, TUSD lost its peg to the US dollar multiple times, raising concerns about the reliability of the stablecoin.