Sun Yuchen and other whales buy stablecoin TUSD

Kahn332

The fifth-largest USD stablecoin, TrueUSD (TUSD), recently experienced a significant decoupling due to factors such as the suspension of its instant proof-of-reserve, and Binance's latest new coin mining project, Manta, not accepting TUSD for staking. Despite TUSD announcing a comprehensive upgrade to its fiat reserve audit system on the 16th, the decoupling crisis remains unresolved.

According to CoinMarketCap data, TUSD reached its lowest point at $0.9715 on the morning of the 18th, rebounding slightly to $0.99 before the deadline, but still not fully recovering its peg to the US dollar.

Whales like Sun Yuchen have intervened in an attempt to restore the peg. Lookonchain's analysis suggests that the ongoing significant decoupling of TUSD is mainly related to Binance's new coin mining project Manta not accepting TUSD for staking. Since Binance announced on the 15th that it would only accept BNB and FDUSD for MANTA staking, TUSD holders began selling, and the TUSD sell orders on Binance, mainly from whales, indicated substantial selling activity.

In the past three days, Binance's net outflow of TUSD amounted to $337 million. The current circulating supply of TUSD is $1.888 billion, reduced by $1.4 billion in the past two months, representing a 43% decrease. Arkham data shows that Binance holds 1.7 billion TUSD, accounting for 90.4% of the total circulating supply.

Following TUSD's decoupling, a whale that had been dormant for about 560 days deposited 2.5 million TUSD into Binance, likely for selling and then buying other stablecoins. Simultaneously, Sun Yuchen and two other whales began buying TUSD, seeking to restore its peg.

After TUSD decoupled, a whale address, suspected to be Sun Yuchen, burned 104 million TUSD. Subsequently, they deposited 200 million USDT into Binance and withdrew 139.56 million TUSD from Binance. Another whale withdrew 31.6 million TUSD from Binance, deposited it into Just Lend, borrowed 18.97 million USDT from JustLend, and deposited it into Binance.

According to TUSD's official reserve data, the current collateralization ratio is 101.16%. The TUSD supply is $1,911,764,530, and the custodied collateral is $1,933,973,827, including US Treasury bonds ($1,142,679,876), custody by First Digital Trust Limited ($501,850,000), and cash ($289,443,950).

In response to the decoupling situation, TUSD's official statement reiterated their focus on enhancing TUSD services through advanced technology and strategic partnerships, such as with Binance. Regular reserve audits continue, and any allegations suggesting otherwise are incorrect. TUSD emphasized that recent Binance Launchpool-related mining activities resulted in short-term arbitrage opportunities, considered normal market dynamics and liquidity adjustments. TUSD's exchange channels with banks worldwide continue to operate smoothly, and TUSD remains committed to expanding cooperation with Binance, with TUSD minting and redemption services available through tusd.io.

Indra55

Almost every company now has USDT, which makes me quite happy.

Jafar224

Well, all we can do is wait for now.