(Bloomberg) -- TrueUSD, the crypto sector’s fifth-largest stablecoin, fell as low as 97 US cents on Thursday in Asia after veering from its intended dollar peg.

The $1.9 billion token, a relatively obscure asset overshadowed by the top two stablecoins Tether and USDC, was trading at roughly 98.6 US cents as of 2:45 p.m. in Singapore. It swayed from its peg on Jan. 16.

Also known as TUSD, the token rose to prominence when the world’s largest crypto exchange, Binance, began using it for trading promotions. But Binance shifted focus to another stablecoin and TUSD’s market value has tumbled from a peak of $3.7 billion in October last year, according to DefiLlama data.

TrueUSD is managed and operated by Techteryx. Incorporated in the British Virgin Islands, Techteryx operates out of offices in Singapore and Hong Kong, a representative for the firm told Bloomberg News last April, without specifying the names of any of its executives or owners.

Stablecoins have a history of periodically losing their pegs or failing altogether. USDC temporarily depegged in the US banking crisis last year. The collapse of the TerraUSD stablecoin in 2022 exacerbated a crypto-market rout. Regulators subsequently stepped up scrutiny of the sector.

The TrueUSD incident is on a much smaller scale than the past dramas that roiled the digital-asset markets.

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