A U.S. cryptocurrency traffic is reporting a significant increase in trades between tether (USDT), the factious stablecoin that lost its dollar peg this week, and a newer option called TrueUSD.
At HBUS, the U.S. affiliate of the Singapore-based Huobi exchange, both places and withdrawals of USDT “have increased by over 10x over the last two hours,” a company spokesperson told CoinDesk.
And the investors making deposits evident to be set on swapping it for TrueUSD (TUSD), which TrustToken launched earlier this year. While HBUS is a midget exchange, ranking only 129th by adjusted total volume according to CoinMarketCap, it appears to be one of the bare few in the world where investors can trade TUSD for bitcoin (Bittrex being another rare sample).
“With the recent news around [tether], we’ve had a lot of activity in the past 24 hours,” the spokesperson put about, explaining:
“For deposits, users are transferring their USDT into HBUS from other securities exchanges to take advantage of our USDT/TUSD trading pair. There has been over and beyond a 30 [percent] increase in trading on the TUSD/USDT pair finished the last two days.”
While USDT maintained its peg through the first few weeks of October, it level to an all-time low of roughly $0.87 on Monday, taking nearly a day to recover. At huddle time the token was still trading at only $0.97, while alternate stablecoins persevere ined a premium of more than $1.
The Gemini dollar (GUSD) in particular saw its cost out spike over Monday and Tuesday, reaching an all-time high of $1.19. By huddle time, this token had also recovered its peg, trading at $1.01 at push time.
The phenomenon is also observable at HBUS, where it cost 0.95 USDT to buy one TUSD on Wednesday afternoon.
“The stiff is still there, which is not something I’ve seen before,” the spokesperson disclosed.
Leigh Cuen contributed reporting.
Dollar bills image via Shutterstock
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