Depeg TUSD: TrueUSD attempts to reassure with 1st audit report

While the stablecoin TUSD promoted by Binance has lost his anchor at dollar tonight, his transmitter TrueUSD attempts to reassure and has just published its first certification report with the firm MooreHK.

A few days ago, TrueUSD (TUSD)a stablecoin backed by the US dollar that has never been truly stable, was increasingly losing its anchorage to the greenback. Its price finally fell overnight to $0.985.

According to Lookonchain, the depeg stablecoin affiliated to Justin Sun could be linked to the recent hacks suffered by Poloniex and HTX exchanges, two platforms also affiliated to the Tron founder.

On-chain experts also believe that the removal of fees on FDUSD pairs on Binance may have caused the stablecoin to stall. The spike in FDUSD volume suggests a transfer of TUSD to Binance’s new stablecoin darling in order to participate in the Manta Network launchpool.

At noon today, as panic spread among TUSD holders, TrueUSD issued a statement saying that Hong Kong firm MooreHK was already providing auditing services for stablecoin, and that a first report was already online.

We are delighted to announce that TUSD has fully upgraded its fiduciary reserve audit system. As of today, Moore Hong Kong (MooreHK), a leading accounting firm, officially begins offering a daily attestation service to TUSD,” reads a statement in the announcement.

At the time of publishing this article, the TUSD is still trading below $0.99. The market cap had tripled in 2023 following its inclusion in Binance’s zero fees program. It has since fallen back to $2 billion from over $3 billion last autumn.

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