TrueUSD, a stablecoin pegged to the US dollar, has dropped below its $1 peg to $0.985 amid a selloff. The selling volume on Binance has been increasing, pushing the price downwards. At 10:30 a.m. Hong Kong time, TrueUSD was trading at around $0.985215, reaching a low of $0.9837 earlier today. Binance’s TUSD-USDT pair saw a selling volume of approximately $435.4 million in the past 24 hours. However, there were buy orders worth around $369.3 million, resulting in a net outflow of $66.1 million. This selloff suggests that holders of TrueUSD are concerned about the stability of its reserves and the recent hacking incident that targeted Poloniex. TrueUSD has not yet provided a comment on the situation.
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TrueUSD drops below $1 peg to $0.985 amid selloff
