TrueUSD 市值暴跌引發掛鉤擔憂

TrueUSD's Market Cap Plunges, Raising Questions

TrueUSD 市值暴跌引發質疑

Is TrueUSD Losing Its Peg?

TrueUSD 正在失去掛鉤嗎？

TrueUSD, the stablecoin linked to Justin Sun, has witnessed a precipitous decline in its market capitalization, plummeting by over 50% from $1.29 billion on March 15 to a mere $615 million on March 22. This sharp drop has followed Binance's decision to delist several TrueUSD trading pairs on March 15.

與孫宇晨掛鉤的穩定幣TrueUSD 市值急劇下跌，從3 月15 日的12.9 億美元暴跌至3 月22 日的僅6.15 億美元，暴跌超過50%。這一大幅下跌是在幣安決定下架數個TrueUSD 之後發生的。3月15日 交易對。

Where Did the Reserves Go?

儲備金去哪了？

A closer examination of TrueUSD's credentials reveals a curious shift in its reserve composition. US Treasuries, once a cornerstone of its backing, are now conspicuously absent. Instead, the remaining funds are dispersed among "a depository institution in Hong Kong, a depository institution in Switzerland and depository institutions in the Bahamas," amounting to approximately $200 million. The bulk of the reserves, around $500 million, is held by First Digital Trust Limited.

仔細檢查 TrueUSD 的資格就會發現其儲備組成發生了奇怪的變化。曾經是其支持基石的美國國債現在明顯缺席。相反，剩餘資金分散在「香港的一家存款機構、瑞士的一家存款機構和巴哈馬的存款機構」之間，金額約為2億美元。大部分儲備金（約 5 億美元）由 First Digital Trust Limited 持有。

First Digital Trust's FDUSD: A Cause for Concern?

First Digital Trust 的 FDUSD：值得關注的原因嗎？

Coincidentally, First Digital Trust Limited has launched its own stablecoin, FDUSD, which has also suffered a significant decline in market cap. Since March 2, FDUSD has shed roughly $12 billion, dropping from a peak of $15 billion to its current value of $3 billion.

無獨有偶，First Digital Trust Limited 也推出了自己的穩定幣 FDUSD，但其市值也大幅下滑。自 3 月 2 日以來，FDUSD 已蒸發約 120 億美元，從 150 億美元的高峰跌至目前的 30 億美元。

Is the Stablecoin Market Divided?

穩定幣市場分裂了嗎？

Despite the setbacks faced by TrueUSD and FDUSD, the stablecoin market as a whole has not been uniformly impacted. Tether, for instance, has seen its market cap surge by approximately $700 million since March 15, demonstrating resilience amidst the turbulence.

儘管 TrueUSD 和 FDUSD 面臨挫折，但整個穩定幣市場並未受到一致影響。例如，自 3 月 15 日以來，Tether 的市值飆升了約 7 億美元，顯示出在動盪中的韌性。