TrueUSD (TUSD) has introduced an advanced daily reserve audit system. This initiative comes after the stablecoin’s recent struggle to retain its value equivalent to the US dollar. The value of TrueUSD experienced a downturn on January 15, falling to $0.984.
This decline coincided with a significant trading volume on Binance, where over $339 million in TUSD was traded in a single day. This activity resulted in a net outflow of $42.3 million from the exchange.
Rumors on social platforms like X (previously Twitter) suggest that the drop in value might be connected to TUSD’s absence from the Manta (MANTA) launch pool initiative on Binance. Additionally, there were concerns about TrueUSD’s capacity to validate its reserves in real-time.
In response, the TrueUSD team has proactively improved its reserve audit mechanism. They have partnered with Moore Hong Kong to provide daily attestations of the stablecoin’s fiat reserves. This move is designed to work alongside their current provider, The Network Firm.
Michelle Chu of MooreHK has committed to this partnership, aiming to increase transparency for TUSD users. As of press time, the daily chart price of TUSD increased by 0.46%, hitting $0.99, according to CoinMarketCap.
TrueUSD seeks to stabilize its position in the ever-changing cryptocurrency landscape by ensuring consistent and reliable reserve updates through these measures.
Also Read: TrueCoin Third-party Vendor Breach Leaks TUSD User Data
