TrueUSD moved lower from its dollar peg after it was reported that its reserves were attested by former FTX auditor Armanino's rebranded outlet The Network Firm. Reports godbole17.
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, having hit a low of 80 cents on Wednesday, data from charting platform TradingView show. On Binance, the pair traded at around $0.9980. Volatility in stablecoins, which have evolved as funding currencies over the past three years, often feeds into the broader market. So far, TUSD's volatility has not impacted the broader market, with bitcoin continuing to trade in familiar ranges above $30,000.
TUSD, with a market cap of $3 billion, poses less of a systemic risk to the broader market than tether, whose market cap is $83 billion.TUSD's downside volatility on comes hours after the token's reserve report showed the project held $26,000 in assets backing the stablecoin at a U.S. depository institution that was ordered to halt withdrawals.by The Network Firm, a rebranded outlet of former FTX auditor Armanino. That has raised alarm bells on Crypto Twitter about the lack of system of checks and balances in the crypto industry.
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