Home CryptocurrencyBitcoin TrueUSD implements new reserve audit system in bid to regain dollar peg

TrueUSD implements new reserve audit system in bid to regain dollar peg

by SuperiorInvest

TrueUSD (TUSD), a stablecoin associated with Tron founder Justin Sun, has implemented daily attestation services from an accounting firm as it fights to regain its peg to the dollar.

On January 15, the TUSD stablecoin began to lose its peg to the dollar, falling to $0.984 at 11:15 pm UTC. The disconnect came as traders sold more than $339 million worth of TUSD on the Binance exchange in 24 hours. This led to a total net outflow of $42.3 million on the exchange.

X (formerly Twitter) users have also speculated That the depeg may be related to the stablecoin not being included as an asset in the Manta Launch Pool (MANTA) initiative by Binance. Additionally, reports saying It also emerged on social media on January 10 that TUSD was struggling to release real-time certifications of its reserves.

Following the depeg event, the TrueUSD team announced that it had upgraded its fiat reserve auditing system. The company employed the services of accounting firm Moore Hong Kong to provide daily certifications of the stablecoin’s fiat reserves, in addition to its current provider, The Network Firm.

Under the new system, TrueUSD said the report will include details about the reserve funds held by its financial partners. MooreHK executive Michelle Chu said they will collaborate with The Network Firm to allow TUSD users to monitor their reserves.

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Despite its efforts to implement a new system to certify its fiat reserves, the price of the stablecoin continued to fall. On January 18, the price of TUSD dropped to as low as $0.97, according to coin information tracker CoinMarketCap.

TrueUSD 24-hour price chart. Source: CoinMarketCap

At the time of publication, the price of TUSD is around $0.99 on CoinMarketCap and Binance.

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