By George Ward
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Amidst the dwindling stablecoin market, TUSD surges in value. However, the surge has not been without several issues
Amidst the declining stablecoin in the market, TUSD stablecoin, owned by Justin Sun, has garnered attention in the cryptocurrency industry. As reported by Whale Alert — a blockchain tracker, Sun’s latest transfer of 100 million USDC to a Binance wallet has further piqued curiosity around TUSD.
State Of The Stablecoin Market
Ever since Terra crashed in Q2 2022, the stablecoin segment of the cryptocurrency market has been in turmoil. Stablecoin’s overall market capitalization plummeted by 35% from over $200 billion to more than $130 billion, a dip from its previous level.
BUSD and Frax have been the hardest hit, with these coins losing 61% and 64% of their overall market capitalization. Circle and Tether’s USDC—the biggest stablecoin issuers, were not spared in the crisis, as their market value has decreased between 15% to 25% since the 2022 peak.
Another stablecoin, BUSD—issued by Paxos, was impacted by the general crash, with its market cap dropping from a high of $22 billion in 2022 to $10 billion. Paxos has also faced regulatory challenges in the US, further exacerbating BUSD’s market value decline.
Although, TUSD has seen a surge in value amidst the collapse of the stablecoin market. Its market cap has risen from $750 million last December to $1.2 billion at the time of writing, attracting the focus of cryptocurrency experts.
However, TUSD’s market cap rise has not been without several issues. Its auditor, Armanino, recently abandoned the project, citing internal issues.
However, there is no additional information in Whale Alert’s report about Justin Sun’s significant USDC transaction with Binance, leaving users to interpret the news according to their perspectives.
Santiment Hints At Chainlink Developments
The blockchain analytics company–Santiment has hinted at potential developments with Chainlink (LINK). The firm disclosed that three significant whale transactions occurred with LINK, which took place within 11 mins and during the closing hours of Friday.
The firm’s tweet estimated that the total amount traded during these transactions was approximately $79.9 million (equivalent to over 11.6 million LINK). According to Santiment’s data, these transactions rank among the three largest LINK transactions in 2023.
The positive effect of these transactions on LINK’s price isn’t apparent yet, with a 0.93% decrease in the last 24 hours and currently trades at $6.88, according to CoinMarketCap data. This LINK price decrease follows that of ETH and BTC, down by 0.84% and 1.31%, respectively.