True USD (TUSD) Stablecoin is Trading Lower than its Peg to $1! So What is the Source of the Depeg Event?
The True USD (TUSD) stablecoin recorded a slight decline, reaching an intraday low of 0.9955 on Binance. This follows a report by Reuters that suggested the Tron blockchain is being used more than Bitcoin in terrorism-related activities.
In other words, the decline in the TUSD price was caused by the article published by Reuters containing claims about the Tron cryptocurrency network.
Large market sell orders were observed on the TUSD token, with the largest valued at $3 million.
In response to Reuters’ report, Tron’s founder Justin Sun said, “TRON is a decentralized protocol with nodes operating around the world, similar to Bitcoin and Ethereum. Globally, high-level representatives are responsible for the execution of this protocol.”
Sun emphasized Tron’s commitment to combating terrorist financing by integrating its various analysis projects and partners. However, he also stated that his top priorities are to maintain decentralization, ensure the security of everyone’s assets, and provide instant, affordable and reliable transactions.
The TUSD token had fallen to $0.9957 in previous FUD waves. Unofficially backed by Binance, TUSD was offered as an alternative to the discontinued BUSD stablecoin.
*This is not investment advice.
