Recent market insights have revealed that on January 15, 2024, the stablecoin TUSD experienced a deviation from its usual $1 parity, dropping to $0.979 per coin the following day. However, by 10:00 a.m. Eastern Time (ET) on Tuesday, it managed to recover slightly, climbing above the $0.99 mark.
TUSD's Fluctuations and Challenges
TUSD has recently faced fluctuations, slipping below its $1 benchmark on Monday. During the evening, its value hovered around $0.98, mainly due to challenges related to the company's real-time attestations. As of January 16, 2024, TUSD's circulating supply, as displayed on their website, stands at 1.92 billion tokens.
Binance's Hold on TUSD
A significant portion of TUSD's supply is currently held by Binance, which owns the top five ERC20 wallets. Out of the total supply, only 391.99 million TUSD tokens are issued on the Ethereum blockchain, while 1.48 billion are on the Tron network. Binance's cold wallet holds approximately 1.4 billion of these tokens.
Social Media Debate and Trading Activity
At 10:00 a.m. ET on Tuesday, TUSD briefly reached $0.996 per coin. However, by 10:20 a.m., it fell to around $0.987. This instability has sparked significant debate on social media, with many questioning the reasons behind TUSD's fluctuating peg. It is worth noting that most of the trading activity for the coin is concentrated on Binance, with a substantial portion of its volume originating from this exchange.
In the last 24 hours, TUSD's global trade volume reached $425 million. Despite having a hefty supply of 1.92 billion TUSD, its market valuation on Tuesday was slightly lower at $1.89 billion. TUSD is now among several stablecoins that have experienced parity issues, a trend that initially began with the collapse of the Terra blockchain ecosystem in May 2022.
What are your thoughts on the challenges TUSD has been facing in maintaining its $1 peg? Feel free to share your opinions and insights on this matter in the comments section below.
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By: Jamie Redman
Title: TUSD Deviates from $1 Parity, Faces Unsteady Ground
Sourced From: news.bitcoin.com/tusds-stability-wavers-value-fluctuates-below-1-peg-amid-market-turbulence-and-binances-dominant-hold/
Published Date: Tue, 16 Jan 2024 17:30:04 +0000
