Binance Exchange Postponed Planned Listing of TrueUSD soon after Stable Coin Spikes
TrueUSD, a cryptocurrency whose value is pegged to that of the dollar, has signed a deal with Binance, one of the world’s largest cryptocurrency exchanges in terms of volume. It was announced that TrueUSD (TUSD) will be listed on Binance, allowing traders to exchange it for Ethereum, Bitcoin, or Binance Coin.
Binance postpones planned listing of TrueUSD soon after the stable currency price spiked as high as $1.30 USD due to the listing, meaning buyers faced an immediate loss of 30%. For now, trading on Binance has been delayed to take care of details around the TUSD active trading.
— Binance (@binance) May 17, 2018
The team immediately explained the situation, with the most likely reason being trading bots, which did not manage a “sanity check” for the asset. The reason for the stable course of the TUSD is not a special effort on part of the team, or a mechanism to affect the rate, as it is with BitUSD.
“TrueUSD saw a large, sudden increase in demand after Binance first announced they are listing TUSD. We think that bots (and some misinformed traders) bought TrueUSD as soon as the announcement was made,” the team commented.
This spike was quickly followed by a notice on the Binance home site which read;
Due to popular demand, the TrueUSD (TUSD) project team requires more time than originally planned to prepare for sufficient liquidity. Binance will therefore postpone the trading start date to 2018/05/22 04:00 AM (UTC). Deposits for TUSD will remain open during this period. Thank you for your understanding.
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