The dollar-pegged stablecoin TrueUSD (TUSD) is currently trading at a discount when compared to its rival stablecoin, Tether (USDT), on Binance.US.
As per data provided by the charting platform TradingView, the TUSD/USDT pair traded at 89 cents at the time of the report, having reached a low of 80 cents on Wednesday.
In comparison, the pair traded at approximately $0.9980 on Binance's global platform. This disparity indicates the concerns surrounding TUSD within the US markets.
Stablecoins, which have become popular as funding currencies in the past three years, often play a significant role in the overall volatility of the broader cryptocurrency market.
However, despite the current instability in TUSD's value, it hasn't noticeably affected the broader market, as illustrated by Bitcoin (BTC) maintaining its usual trading ranges above $30,000.
TrueUSD, which currently boasts a market capitalization of $3 billion, represents less of a systemic risk to the wider market when compared to Tether, which has a colossal market cap of $83 billion.
The main source of concern within the cryptocurrency community stems from the recent reserve report attestation for TUSD.
This was provided by The Network Firm, which is a rebranded outlet of the former FTX auditor Armanino. The relationship has sparked skepticism within Crypto Twitter about the integrity of the checks and balances within the crypto industry, further impacting TUSD's market performance.
Earlier this month, traders adopted a bearish stance on TUSD following rumors that the stablecoin project was using the beleaguered crypto service provider, Prime Trust, to mint and redeem tokens.
Although TrueUSD later clarified that it has no exposure to Prime Trust, it appears the damage to their reputation had already been done.
