TrueUSD’s market capitalization plummeted by 79% after Binance decided to delist several trading pairs with the stablecoin, according to analysts at CCData. The decline in trading volume for TrueUSD pairs on centralized exchanges has been drastic, dropping nearly 99% since May 2023. Binance still holds the largest market share of TUSD pairs at 68.2%, followed by WhiteBit and BitMart. This decrease in value is concerning for TrueUSD, which aimed to provide a stablecoin fully backed by the U.S. dollar. However, issues with custodian Prime Trust and its removal from Binance have raised questions about its reliability. Despite this setback, the stablecoin market as a whole has been recovering, with stablecoin market value increasing by 0.63% in May to reach its highest level since April 2022.
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TrueUSD’s crashes 79% following Binance delisting
