TrueUSD (TUSD) stablecoin is in the process of being unpegged and at the same time the price dropped to a low of $0.995 due to various factors including massive sell orders after Changpeng "CZ" Zhao resigned as CEO of Binance and Reuters reported that those involved in misconduct preferred Justin Sun's Tron over Bitcoin for ease of funding. At this point, TUSD price is trading at $0.996 after trying to re-peg.
Stablecoin TrueUSD (TUSD) started to decline earlier in the week as traders sold their assets amid heightened concerns following the resignation of Changpeng "CZ" Zhao as CEO of the world's largest cryptocurrency exchange, Binance. The move to de-add made things worse on November 27 and 28, with the price of TUSD falling as low as $0.995.
Riyad Carey, a researcher at Kaiko, reported that the TUSD stablecoin peg appeared shaky due to several massive sell orders in the market.
Justin Sun appeared to give feedback through the X platform explaining that Tron is decentralized like Bitcoin and Ethereum. He added that the Tron team is committed to fighting funding if it is associated with misuse.
The price of Tron (TRX) is down more than 8% to $0.100, with the price currently trading at $0.101, down 1% in the last 24 hours. Because TUSD is backed by former Binance CEO CZ and Tron founder Justin Sun, this news caused massive liquidity in TUSD. This stablecoin failed to be re-pegged despite various attempts, and is currently trading at $0.996.
