Binance to Delist TrueUSD Trading Pairs on March 15, 2024
Binance has announced the discontinuation of several stablecoin spot trading pairs, including COMP/TUSD, EDU/TUSD, and PENDLE/TUSD, all associated with TrueUSD (TUSD) linked to Justin Sun. This decision is part of Binance’s regular evaluation of trading pairs to uphold market quality, taking into account factors like liquidity and volume.
The changes are set to take effect on March 15, 2024, at 03:00 UTC, impacting not only the mentioned pairs but also others like ARPA/BNB and EDU/BNB. Despite the delisting, Binance assures that the base and quote assets of these pairs will still be accessible through alternative trading options on the platform. Furthermore, Spot Trading Bots services for these pairs will also be discontinued simultaneously with the trading halt.
This decision comes in the wake of TUSD deviating from its peg to the US dollar earlier this year. An imbalance in TUSD trading on Binance was observed on Jan. 15, 2024, with sell orders exceeding buy orders by over $142 million. This led to TUSD’s value dropping to as low as $0.984, with a net outflow of $42.3 million within a 24-hour trading window.
Concerns about the real-time attestation of TrueUSD’s reserves emerged on Jan. 10, with reported issues affecting the stablecoin’s backing. Despite this, the TrueUSD team attributed the depegging event to activities on Binance Launchpool, stating that recent mining activities created short-term arbitrage opportunities, viewed as normal market dynamics. The team assured that redemption mechanisms with global banks were fully operational, ensuring uninterrupted transactions for users.
However, a Kaiko research report indicated that TUSD was no longer utilized for mining activities on Binance Launchpool, leading to a significant change in the stablecoin’s engagement with the platform and contributing to its devaluation.
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