Binance Postpones TrueUSD Listing Due To Unusual Asset Behavior
Cryptocurrency exchange Binance, which announced on Wednesday its plans to list the stable token TrueUSD on May 18, announced that it had to postpone the launch of new trading pairs. Binance’s decision is driven by TrueUSD’s unusual market behavior.
TrueUSD was released by TrustToken in March. Each TrueUSD token is backed by US dollars on the accounts of TrustToken partners, which are audited monthly.
“By keeping US dollars in escrow accounts as collateral in addition to standard accounting reports, we provide traders with an increased degree of trust in TrueUSD,” the company describes its product.
Shortly after Binance’s announcement, TrueUSD bounced above the $ 1.30 level, causing investors to question the stability of the instrument..
“However, a 30% jump in value against the real US dollar means that TrueUSD has temporarily ceased to fulfill the function for which it was created,” writes the Bitcoinist portal..
“Due to increased demand, the TrueUSD (TUSD) project team requested more time than originally planned to ensure sufficient liquidity. Thus, Binance is pushing the trading start date to May 22. TUSD deposits continue to be accepted. Thank you for your understanding, “the exchange writes..
Today, the volume of TrueUSD emission is about 12 million units, each of which is backed by a real US dollar. The number of TUSD in circulation was expected to increase significantly along with the listing on Binance, which, according to representatives of the startup, should not cause problems..
“The market capitalization of TrueUSD can grow by millions or tens of millions per day. As long as the escrow accounts continue to receive dollars to secure new tokens, we will be issuing these tokens, “TrustToken CTO Rafael Cosman said earlier..
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