The stablecoin TrueUSD (TUSD), linked with Justin Sun, has dropped below its $1 peg due to holders exchanging significant volumes for Tether (USDT), its competitor.

The decrease in value first became noticeable on 15 January, with TUSD falling as low as $0.984.

At the time of reporting, TUSD traded for $0.988, 1.3% below its $1 target, according to CoinMarketCap data.

The depegging event coincided with considerable selling of TUSD on the Binance crypto exchange.