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Justin Sun’s Stablecoin TUSD Curiously Grows Amid Market Meltdown

Attestations are also becoming difficult to come by as auditors abandon the crypto industry en masse.

BUSD, or Binance USD, a stablecoin issued by Paxos, has been hit particularly hard — its market cap has crumbled from $22 billion to $10 billion over the last three months. What’s peculiar, however, is the upward momentum of the Justin Sun-controlled stablecoin TUSD which has seen its market cap balloon from $750 million in December to nearly $1.2 billion today. This is despite it no longer being able to get regular attestations from Armanino, its auditor.

Only Sun-owned and controlled stablecoins, such as USDJ and USDD, have seen their market caps remain untouched, with seemingly no redemptions happening at all.

The total market cap for stablecoins has gone from about $200 billion in May of 2022 to $130 billion today, a 35% decrease.

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