TUSD Stablecoin Decouples Over 3%, Reserves Proof Fails to Restore Community Confidence?

Stablecoin TrueUSD (TUSD) started to decline on the evening of January 15th, with some questioning difficulties in the issuance of real-time reserve proofs. However, on January 16th, TrueUSD announced that accounting firm MooreHK would officially provide auditing services for TUSD and released its first audit report. Nevertheless, the situation does not seem to have settled, as TUSD just broke the $0.97 mark, experiencing a decoupling of up to 3%.

TUSD decoupling, Poloniex unable to withdraw? What happened to Sun Yuchen's TUSD?

What are the community's concerns about TUSD?

According to previous reports, the community has discovered that the largest holder of TUSD, Binance, is experiencing net outflows of TUSD. The reasons for its concerns include:

• Recent difficulties in providing real-time proof of reserves
• Poloniex exchange unable to withdraw TUSD
• Binance's recent mining projects Manta and AltLayer have excluded TUSD

MooreHK starts providing attestation services for TUSD

TrueUSD announced on 1/16 that TUSD has fully upgraded its fiat reserve auditing system and officially started providing daily attestation services by accounting firm MooreHK, along with the release of the first attestation report.

According to its latest reserve report, TUSD has issued a total of $1.911 billion, while the reserve assets amount to $1.934 billion, slightly higher than the TUSD issuance.

However, this report does not seem to alleviate the concerns of the community. TUSD has experienced a significant decoupling this morning, dropping to a low of $0.9685, with a decoupling rate of up to 3%.