A few major Crypto news reported on the 15th that the stablecoin TUSD was depegged from the dollar due to a large-scale sell-off.
Depegging refers to the failure of the price of a stable coin linked 1:1 to the dollar to maintain the ratio.
This has put downward pressure on the market and has often caused falling of coin prices.
TUSD is a Just Sun-related stablecoin and ranks 5th with a market capitalization of $1.9 billion.
From the 15th, the dollar linkage began to break down, and as of the 17th, the gap widened to 0.0983.
This debagging occurred as mass selling of TUSD continued on the Binance exchange.
TUSD holders are selling TUSD and moving to USDT.
This mass sale of TUSD took place on the Polorix exchange, which was hit by a hacking attack.
Poloniex is an exchange established in 2014 and acquired by Justin Sun in 2019.
There may be various reasons, but BNB and FDUSD were traded at Binance Launchpool’s Manta Network event.
With its adoption as a support coin, it can be said that the selling of TUSD, a stablecoin with a relatively weak peg chain, has begun.
The price of Bitcoin tends to fall when stable coins are sold.
We must continue to monitor whether this will cause a decline in the price of Bitcoin and other altcoins.
