Justin Sun's True USD (TUSD) stablecoin is depegged, and is in troubled waters as it's market is drifting away.
Depeg Trouble
TUSD is defined as the first digital asset that is transparent and verifiable 1:1 backed with the United States Dollar (USD), hence the name True USD. But suddenly it has been depegged due to which even those who verified it have come under suspicion, anyway Justin Sun was always under suspicion.
Justin Sun
On January 9, the TUSD real-time attests ceased to function, which undoubtedly provided Justin Sun ample time to mint TUSD out of thin air, as he did in September 2023 when he minted 815m TUSD out of nowhere. Now as TUSD is depegged, the Justin Sun-run exchanges HTX and Poloniex are depreciating it.
Blame BINANCE too
On January 15, some whale dumped $TUSD into Binance, which caused its depegging, and then Binance removed TUSD from its $MANTA launchpool project. Binance is still to blame for keeping TUSD as one of its main stablecoin after November 23 depeg, giving attracted APR to lure people invest in TUSD, not informing its users on time.
