TrueUSD Stablecoin Wobbles Off Peg as Redemption Requests Denied and Traders Sell
The stablecoin TrueUSD (TUSD) has been trading below its intended $1 mark, dropping to as low as 96 cents before recovering to 99 cents. Some firms have reported that their redemption requests have been denied, causing a negative net flow of $174.5 million. One large quantitative crypto trading firm has complained about the difficulty in redeeming TUSD for fiat after the collapse of crypto custodian Prime Trust. Tron founder Justin Sun has been closely linked to TUSD, with one wallet address related to him transferring over $60 million to crypto exchange Binance in the past five hours.
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