TrueUSD's value dips against tether on Binance.US

TrueUSD (TUSD), a stablecoin pegged to the US dollar, has seen a significant drop in its value compared to tether (USDT) on Binance.US, the American branch of the global cryptocurrency exchange, Binance.

Timeline of Trueusd, Tether

Stablecoin issuer Tether (CRYPTO: USDT) has forged an alliance with the Government of Georgia, aimed at establishing the country as a nexus for blockchain and peer-to-peer technologies, which is expected to spur innovation and economic expansion. Tether and the Georgian government are concentrated on nurturing a start-up ecosystem by accentuating Georgia's congenial business environment and quality of life and through this emphasis, they intend to draw global investments and catalyze the growth of avant-garde start-ups in the blockchain domain.

Former members of the now-defunct FTX.US accounting team, now operating as The Network Firm, have conducted the attestation of TrueUSD's proof-of-reserves (PoR) as the stablecoin seeks to regain stability following a brief de-pegging incident.

Tether has signed a Memorandum of Understanding (MOU) with the Government of Georgia, as reported by the firm on June 28. The “strategic collaboration” is part of a broader vision to position Georgia as a “central hub for peer-to-peer and blockchain technology,” intended to bring about innovation and economic growth in the region.

One of the most prominent trends in the digital asset space over the last year has been an evaporation of liquidity. On the one hand, price charts may suggest that the picture for crypto is far rosier today than it was in November, when Bitcoin hit $15,500 in the aftermath of the FTX collapse.

While TrueUSD (TUSD) denies its exposure to crypto custodian Prime Trust, it has depegged for the second time this month. Prime Trust was placed into receivership on Tuesday after rival BitGo called off its bid to acquire Prime Trust.

Russian citizens sought refuge in tether amid the brief mutiny of the Wagner mercenary group that shook their country. The ruble-denominated trading volume of the U.S. dollar-pegged stablecoin spiked during the short-lived rebellion, market data revealed.

The Wagner Group's revolt caused a heightened state political-economic uncertainty which may have forced many to buy into other assets. Tether's USDT represents one of the easiest routes especially after the sanctions imposed on Russia.

The trade volume between the Russian ruble and Tether (CRYPTO: USDT) saw a significant increase over the weekend, nearly quadrupling from $4 million Saturday to $15 million Sunday, as per data from crypto analytics firm CCData. What Happened: This surge coincided with the capture of the southern Russian city of Rostov-on-Don by Yevgeny Prigozhin, the head of the Wagner mercenary group, and his forces' subsequent advance toward Moscow, seemingly in an attempt to overthrow Russian President Vladimir Putin.

Stablecoin issuer Tether could become one of the most profitable companies in America this year. According to some analysts, its earnings could be even greater than those of asset manager BlackRock.

Traders are attempting to short the TUSD stablecoin amidst reports of the stablecoin issuer's connection with crypto custodian Prime Trust. The TrueUSD issuer has stated that it does not have any exposure to Prime Trust, having announced earlier in the month that it had stopped mints and redemptions through the crypto custodian.