The team behind stablecoin issuer TrueUSD is bragging about its trading volume not long after TUSD lost its peg to the dollar, fueling the fears of coin holders who are worried about the recent collapse of key TUSD custodian Prime Trust.

During early trading hours on Wednesday, TUSD’s value fell to 80 cents to one USD on Binance US before settling around 90 cents to the dollar at the time of writing. Its total market capitalization stayed steady through the early hours before dropping sharply, shedding close to $100 million along the way, according to data from CoinGecko.

Of this $100 million, the bulk of it came from a single wallet on the decentralized blockchain Tron. This wallet dumped nearly $74 million in TUSD, according to the blockchain analysis site Whale Alert.

A stablecoin is a cryptocurrency whose price is pegged to a stable asset, which in this case is the US dollar. Its appeal for holders is a sense of confidence that they can redeem their stablecoins reliably with a lower chance of losing their value compared to other cryptocurrencies. 

After news hit that TUSD was depegged, TrueUSD responded on Twitter by touting its trading volumes. Without addressing the depegging, the issuer highlighted data that showed 30-day trading volume of TUSD. It finished its tweet with a fresh hashtag it called #TUSDKeepGrowing.

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Author: Nicholas Morgan

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