Stablecoin TrueUSD ( TUSD -0.80% ) dropped below its $1 peg on Tuesday morning in Asia with selling volume mounting on Binance.
TUSD currently trades at around $0.985215 at 10:30 a.m. Hong Kong time, after dropping to as low as $0.9837 earlier today, according to The Block’s price page.
Source: The Block’s data
Binance’s TUSD-USDT pair saw a total selling volume of around $435.4 million in TUSD in the past 24 hours, with about $369.3 million worth of TUSD buy orders, according to the exchange’s trading page. That indicates a net outflow of $66.1 million, the data showed.
“The massive selloff of TUSD reveals panic for its holders over the uncertainties of its reserves and instability related to Poloniex. After a recent hacking incident that targeted Poloniex, TUSD holders find themselves in an increasingly difficult situation to find stability with the USD-pegged stablecoin,” Nick Ruck, chief operating officer of ContentFi Labs, told The Block.
TrueUSD did not immediately respond to The Block’s request for comment.
