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#TrueUSD ( $TUSD ) was depegged to $0.9717!

What happened?

Thread.🧵

On Jan 15, Binance announced farming $MANTA by staking $BNB and $FDUSD, excluding $TUSD.

This resulted in $TUSD holders selling $TUSD.

And $TUSD started to depeg after #Binance announcement

Binance trading data shows that $TUSD orders are mostly large, indicating that whales are selling TUSD.

And in the past 3 days, the large inflow was -$337M.

How about on-chain data?

The total circulating is 1.881B $TUSD, which has decreased by 1.4B $TUSD(-43%) in the past 2 months.

Arkham data shows that #Binance holds 1.7B $TUSD, 90.4% of the circulating supply.

After $TUSD depegged, a whale that had been dormant for ~560 days deposited 2.5M $TUSD to #Binance, possibly dumping it into other stablecoins.

2 whales including #JustinSun are buying $TUSD to get $TUSD back to the peg.

Whale"TT2T17" (suspected to be Justin Sun) burned 104M $TUSD after depegging, then deposited 200M $USDT to Binance and withdrew 139.56M $TUSD from #Binance.

Whale"TGiwro" withdrew 31.6M $TUSD from Binance and deposited it into #JustLend after depegging.

Then borrowed 18.97M $USDT from JustLend and deposited it into #Binance.

How about $TUSD reserves?

Collateral Ratio: 101.16%

$TUSD supply: $1,911,764,530

Escrowed Collateral: $1,933,973,827, including:

US Treasury Bills: $1,142,679,876

First Digital Trust Limited: $501,850,000

US Dollars Cash: $289,443,950