Stablecoin – TrueUSD listed in Binance and TUSD is up for grabs!

Binance has added TrueUSD (TUSD) to its platform. TrueUSD climbed after the news that it would be listed in Binance, eventually listed in Binance, the world’s largest cryptographic exchange.

TrueUSD will provide protection against volatility

TrueUSD, a Stablecoin that started listing in Binance, was at $ 1.02, then up to $ 1.10. However, he quickly corrected the position. Unlike the events of the past days, the levels of 1.3 dollars were not seen this time. TrueUSD has achieved a transaction volume of $ 12 million in the last 24 hours. At first TUSD was put on the market with about 4 million tokens. But now there are 18 million tokens circulating.

Because of the pairings, TUSD will not inject liquidity into many subcontracting markets as Tether does. TUSD will instead provide protection against volatility. During the declines in the market, when the Bitcoin prices begin to sink, various tokens are used to protect the value from time to time. TUSD is a crypto money that has been issued to fulfill this function.

TrueUSD is listed in Binance and TUSD is up for grabs!

Used as a liquidity source at Binance Coin

Binance Coin (BNB) is used as a source of liquidity. But the fluctuating price makes trade decisions difficult. BNB is worth $ 14.34, after Bitcoin, the leading crypto currency, has dropped again to $ 8,000, after gaining significant value against Bitcoin.

TUSD trading has not started yet and daily volumes up to now are lower than total supply. As for Tether , the share of the crypto trade is offset by 15%, and the total supply increases every 24 hours.

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TUSD tokens are produced when users buy a new token

TUSD tokens are produced when users buy a new token with cash money through the application. Sometimes purchases are made in bulk. TrueUSD running on smart contract; customers can only get new tokens for the dollar over the application. At the moment, the demand increases, but it is reported that 18 million tokens are circulating. We will see how TrueUSD, which has been introduced to the market in order to ensure that investors will suffer less in these days of Bitcoin’s depreciation, will affect the future of the market.
How Trueusd Became a False Stablecoin
Stablecoins are a burgeoning industry, with scores of projects seeking to create tether alternatives that provide stability, each pegged against the US dollar. Circle has just announced plans to launch its own stablecoin, and news.Bitcoin.com recently profiled several other new contenders, including Trueusd, which was described as:

A collateralized stablecoin backed by USD held in escrow accounts. It’s basically a more transparent tether and is available on Upbit and Bittrex – where it’s even tradable against tether.

On May 16, Binance became the latest and largest exchange to announce its intention to list TUSD. Up until this date, the coin had performed as expected, with scarcely a wobble from its dollar peg. But then Binance released its news and TUSD went on a run to rival even the pumpiest of altcoins. At 3:36am ET, Trueusd was trading at $0.997. In the space of 22 minutes, it jumped to $1.18 and by 5am was at $1.39, a 39% rise for a coin whose defining characteristic is that isn’t meant to rise.

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How Trueusd Became a False Stablecoin?

Stablecoins are a burgeoning industry, with scores of projects seeking to create tether alternatives that provide stability, each pegged against the US dollar. Circle has just announced plans to launch its own stablecoin, and news.Bitcoin.com recently profiled several other new contenders, including Trueusd, which was described as:

A collateralized stablecoin backed by USD held in escrow accounts. It’s basically a more transparent tether and is available on Upbit and Bittrex – where it’s even tradable against tether.

On May 16, Binance became the latest and largest exchange to announce its intention to list TUSD. Up until this date, the coin had performed as expected, with scarcely a wobble from its dollar peg. But then Binance released its news and TUSD went on a run to rival even the pumpiest of altcoins. At 3:36am ET, Trueusd was trading at $0.997. In the space of 22 minutes, it jumped to $1.18 and by 5am was at $1.39, a 39% rise for a coin whose defining characteristic is that isn’t meant to rise.

“Stablecoin” Trueusd Pumps After Binance Listing

Stability? What Stability?
In a short blog post, Binance declared that it would “open trading for TUSD/BNB, TUSD/BTC and TUSD/ETH trading pairs at 2018/05/18 04:00 AM (UTC). Users can now start depositing TUSD in preparation for trading.” It added: “Note: TUSD is a stablecoin. The value is designed to be 1 TUSD = 1 USD.” That design clearly doesn’t account for the power of a Binance listing. This is despite Trust Token, the team behind TUSD, claiming “Our open source smart contracts ensure a 1:1 parity between TrueUSD and USD in the accounts.”

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“Stablecoin” Trueusd Pumps After Binance Listing

Ironically, in pumping by 39%, TUSD may have just proven its unsuitability as a stablecoin, and strengthened the case for tether. Tether may be opaque, but at least it works, staying resolutely close to its dollar peg at all times. Trueusd seems to have spiked due to traders FOMO-ing into the coin. It is unclear whether all of these buyers were aware that they were purchasing a supposed stablecoin. The price will settle down eventually, and return to its designated price. Traders may be left wondering, however, whether a stablecoin that can appreciate by almost 40% might also be capable of diminishing in value.

Do you trust Trueusd to hold its value in future? Let us know in the comments section below.