The stablecoin TUSD, which has been the subject of criticism and fear, uncertainty, and doubt (FUD) in the past year, has reached a new low, dropping to $0.9841, deviating from its intended $1 peg. Efforts are now being made to reassure investors through reserve verifications.
In 2023, notable figures like the CEO of CryptoQuant and CAPO claimed that TUSD was used to speculatively push markets up, attributing this to its zero-fee policy. However, CZ’s explanations failed to convince skeptics. Subsequently, Binance removed certain launchpad lockup conditions and shifted its support to a different stablecoin, leading to an increase in TUSD redemptions and a significant drop in its market value.
The recent dip below $1 has alarmed investors, but TUSD has announced a partnership with the audit firm Moore Hong Kong (MooreHK) for reserve verification reports, aiming to restore confidence.
MooreHK, established in 1975 and part of the prestigious Moore Global network, will now provide daily attestation services to TUSD. This collaboration is part of TUSD’s globalization initiative announced in July 2023, which aims to enhance accessibility in major capital markets.
The upgraded attestation report from MooreHK includes additional details about the reserves overseen by financial and trustee partners, marking a significant step towards transparency and reliability for TUSD.