On-chain knowledge reveals one trader deposited 7.5 million USDC as collateral on DeFi lending platform Aave’s Model 2.  The trader then frail this to borrow 4 million TUSD and real now put it on the market for USDC – a connected old strategy frail to know on a brief space on an asset.

Earlier this month, the stablecoin issuer announced that minting TUSD by potential of its banking accomplice Prime Belief would be paused till further peek. Prime Belief, a fairly super Nevada-essentially based fully mostly crypto custodian, turned into as soon as recently issued a terminate-and-desist bid from the state regulator who alleged the firm turned into as soon as insolvent.

TrueUSD assured customers that it turned into as soon as no longer littered with the sphere and that it had no exposure to Prime Belief. The stablecoin issuer claimed to absorb more than one USD rails for minting and redemption.

Silent, market people absorb been skeptical of the stablecoin issuer’s statements evidenced by their recent procuring and selling bellow. Rather than the anonymous trader’s multi-million brief space, knowledge from Aave v2’s swimming pools demonstrate that merchants are paying as much as 50% APY to brief TUSD.

In step with a document from CoinDesk last week, citing knowledge from blockchain analytics firm Arkham Intelligence, Binance crypto wallets care for as grand as 90% of TUSD’s $3.1 billion market cap.

Files additionally reveals that Binance minted $1 billion TUSD on the Tron blockchain over the week, sooner than asserting that they may perchance well be extending zero-fee procuring and selling on all TUSD pairs from June 30.