{"id":562741,"date":"2023-11-28T03:00:38","date_gmt":"2023-11-28T03:00:38","guid":{"rendered":"https:\/\/wncen.com\/?p=562741"},"modified":"2024-06-11T14:42:34","modified_gmt":"2024-06-11T14:42:34","slug":"tusd-shaky-briefly-depegs","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/tusd-shaky-briefly-depegs\/","title":{"rendered":"$3.1 Billion TUSD Stablecoin Shaky, Briefly Depegs\u2014What&#8217;s Happening?"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">TrueUSD (TUSD), a stablecoin with a market cap <a href=\"https:\/\/coinmarketcap.com\/currencies\/trueusd\/\" target=\"_blank\" rel=\"noopener nofollow\">exceeding<\/a> $3.1 billion, appears &#8220;shaky&#8221; and briefly depegged on November 22, dropping to as low as $0.9976 before restoring its peg. The temporary depeg was attributed to a deluge of selling orders, according to Kaiko, a blockchain analytics firm.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">TUSD Briefly Depegs, Large Selling Orders Rolling Through<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Riyad Carey, a researcher at Kaiko,\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/riyad_carey\/status\/54361273\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">noted<\/span><\/a><span data-preserver-spaces=\"true\"> that large sell orders, including one for $3 million, triggered the turbulence that caused the stablecoin&#8217;s price to dip below the dollar peg. This brief deviation resulted in users who redeemed TUSD receiving less USD. Ideally, any redemption of a fiat-backed stablecoin should result in a 1:1 reception of the collateral.<\/span><\/p>\n<figure id=\"attachment_562742\" aria-describedby=\"caption-attachment-562742\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-562742\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/F_9FYgsXwAQnH-f.jpeg?resize=1024%2C559\" alt=\"TUSD depegs on Binance | Source: Riyad Carey via Kaiko\" width=\"1024\" height=\"559\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/F_9FYgsXwAQnH-f.jpeg?w=1320 1320w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/F_9FYgsXwAQnH-f.jpeg?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/F_9FYgsXwAQnH-f.jpeg?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/F_9FYgsXwAQnH-f.jpeg?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/F_9FYgsXwAQnH-f.jpeg?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/F_9FYgsXwAQnH-f.jpeg?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-562742\" class=\"wp-caption-text\">TUSD depegs on Binance | Source: Riyad Carey via Kaiko<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">The incident highlights the potential impact of large order blocks on liquidity and the potential for slippage. TUSD, theoretically backed by USD and issued by TrustToken, is popular in Binance, an exchange that delisted USDC and 2023. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Because of this limitation, TUSD is one of the most liquid stablecoins paired with leading coins like Bitcoin (BTC). However, despite its popularity, it trails Tether (USDT), the world&#8217;s largest stablecoin by market cap.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">The TEURO Mystery<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">This depegging occurred a few weeks after tough security questions were raised about TUSD. In mid-October, the minter was\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/tusdio\/status\/34476217\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">forced<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0to disclaim TEURO, a token deployed from the same address, suggesting that private keys associated with TUSD may have been compromised.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/stablecoin\/circle-and-sbi-holdings-partnership-to-boost-usdc-in-japan\/\" target=\"_blank\" rel=\"noopener \">Circle And SBI Holdings Partnership To Boost USDC In Japan<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Curiously, funds tied to TEURO, the fake token, were also linked to the deployment of TCNY, another fake token unaffiliated with TrueUSD. Following these incidents, the community began raising questions about the security of the stablecoin and, more importantly, its underlying infrastructure. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">This was expected, considering that a centralized entity issues TUSD though all transactions are on-chain.\u00a0<\/span><\/p>\n<figure style=\"width: 1233px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.tradingview.com\/x\/Mc7Szs7X\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/Mc7Szs7X\/\" alt=\"Bitcoin price trending upward on the daily chart | Source: BTCTUSD on Binance, TradingView\" width=\"1233\" height=\"592\"><\/a><figcaption class=\"wp-caption-text\">Bitcoin price trending upward on the daily chart | Source: <a href=\"https:\/\/www.tradingview.com\/x\/Mc7Szs7X\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCTUSD on Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Despite these challenges, TrueUSD maintains that its smart contracts are\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/tusdio\/status\/04060592\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">secure<\/span><\/a><span data-preserver-spaces=\"true\">. The company emphasizes that it has gained ownership of the TUSD minting contract since the end of 2020.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/bitcoin-news\/analyst-sets-47000-target-bitcoin-if-happens\/\" target=\"_blank\" rel=\"noopener \">Analyst Sets $47,000 Target For Bitcoin If This Happens<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">In early May 2023, TUSD\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/research.kaiko.com\/insights\/tusd-depegs-amidst-heavy-borrowing\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">depegged<\/span><\/a><span data-preserver-spaces=\"true\">, rising to as high as $1.20 on multiple exchanges, particularly on Binance. This was attributed to an increase in activity on the SUI farming pool.\u00a0<\/span><\/p>\n<figure id=\"attachment_562743\" aria-describedby=\"caption-attachment-562743\" style=\"width: 739px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-562743\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/Screenshot470.png?resize=739%2C371\" alt=\"TUSD depegging due to SUI farming | Source: Kaiko\" width=\"739\" height=\"371\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/Screenshot470.png?w=739 739w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/Screenshot470.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/Screenshot470.png?w=360 360w\" sizes=\"(max-width: 739px) 100vw, 739px\"><figcaption id=\"caption-attachment-562743\" class=\"wp-caption-text\">TUSD depegging due to SUI farming | Source: Kaiko<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Still, this is not the first time popular stablecoins have depegged. In March 2023, USDC and <a href=\"https:\/\/wncen.com\/news\/ethereum\/ethereum-daily-revenue-soars-to-4-month-high\/\" target=\"_blank\" rel=\"noopener \">DAI<\/a>, two of the world&#8217;s largest stablecoins, depegged, leading to widespread fear in the market. However, the team restored parity. Moreover, to improve confidence, stablecoin issuers regularly publish attestation reports.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature image from Canva, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>TrueUSD (TUSD), a stablecoin with a market cap exceeding $3.1 billion, appears &#8220;shaky&#8221; and briefly depegged on November 22, dropping to as low as $0.9976 before restoring its peg. The temporary depeg was attributed to a deluge of selling orders, according to Kaiko, a blockchain analytics firm. TUSD Briefly Depegs, Large Selling Orders Rolling Through Riyad Carey, a researcher at Kaiko,\u00a0noted that large sell orders, including one for $3 million, triggered the turbulence that caused the stablecoin&#8217;s price to dip below the dollar peg. This brief deviation resulted in users who redeemed TUSD receiving less USD. Ideally, any redemption of a fiat-backed stablecoin should result in a 1:1 reception of the collateral. The incident highlights the potential impact of large order blocks on liquidity and the potential for slippage. TUSD, theoretically backed by USD and issued by TrustToken, is popular in Binance, an exchange that delisted USDC and 2023. Because of this limitation, TUSD is one of the most liquid stablecoins paired with leading coins like Bitcoin (BTC). However, despite its popularity, it trails Tether (USDT), the world&#8217;s largest stablecoin by market cap.\u00a0 The TEURO Mystery This depegging occurred a few weeks after tough security questions were raised about TUSD. In mid-October, the minter was\u00a0forced\u00a0to disclaim TEURO, a token deployed from the same address, suggesting that private keys associated with TUSD may have been compromised. Related Reading: Circle And SBI Holdings Partnership To Boost USDC In Japan Curiously, funds tied to TEURO, the fake token, were also linked to the deployment of TCNY, another fake token unaffiliated with TrueUSD. Following these incidents, the community began raising questions about the security of the stablecoin and, more importantly, its underlying infrastructure. This was expected, considering that a centralized entity issues TUSD though all transactions are on-chain.\u00a0 Despite these challenges, TrueUSD maintains that its smart contracts are\u00a0secure. The company emphasizes that it has gained ownership of the TUSD minting contract since the end of 2020. Related Reading: Analyst Sets $47,000 Target For Bitcoin If This Happens In early May 2023, TUSD\u00a0depegged, rising to as high as $1.20 on multiple exchanges, particularly on Binance. This was attributed to an increase in activity on the SUI farming pool.\u00a0 Still, this is not the first time popular stablecoins have depegged. In March 2023, USDC and DAI, two of the world&#8217;s largest stablecoins, depegged, leading to widespread fear in the market. However, the team restored parity. Moreover, to improve confidence, stablecoin issuers regularly publish attestation reports. Feature image from Canva, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":562744,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[10768,11164,14405,90492,14913,16680,10263],"class_list":["post-562741","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-binance","tag-stablecoin","tag-trueusd","tag-trusttoken","tag-tusd","tag-usdc","tag-usdt"],"acf":[],"yoast_head":"\n<title>$3.1 Billion TUSD Stablecoin Shaky, Briefly Depegs\u2014What&#039;s Happening?<\/title>\n<meta name=\"description\" content=\"TUSD is shaky according to a Kaiko researcher. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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