The TrueUSD stablecoin has a new owner
Date: 2023-07-16 Author: Karina Ziganova Categories: IN WORLD
The TrueUSD (TUSD) stablecoin has a new owner, Techteryx Ltd., which bought the rights to the coin back in 2020.
The transfer of ownership and control of TrueUSD began in December 2020 when TrueCoin, LLC, a subsidiary of Archblock, Inc., transferred ownership of TrueUSD to Techteryx. The company will focus on expanding TrueUSD use cases in international markets, and the Archblock team will continue to support stablecoin operations.
"Techteryx will take over the full management of all offshore operations and services related to TUSD, including coin minting and redemption," the company added.
Techteryx will also take over activities related to customer registration and compliance, a $2.8 billion reserve and oversight of all banking relationships. To increase the availability of the coin for both current and future offshore TrueUSD clients, the TUSD website is being developed. IO. After its completion, customers will be able to access their TrueUSD accounts through this platform.
Problems with cashing out TUSD
Last month, the issuer of TUSD, TrustToken, curtailed the ability to convert the stablecoin into the US dollar due to problems with the Prime Trust depository. In addition to TUSD, stablecoin holders have lost the opportunity to cash out other products from TrustToken, such as TAUD, TCAD, and TGBP through Prime Trust.
TrueUSD representatives have not commented on the suspension of TUSD conversions through Prime Trust. They said that the company continues to fulfill the duties of cashing out stablecoin through other providers.
Loss of peg to the dollar
In addition to problems with cashing out, TUSD has repeatedly lost its peg to the US dollar. The last deposit occurred at the end of June, when the token fell in price by 10% to $0.90.
Prior to this, the TrueUSD stablecoin had already lost its peg to the dollar due to the suspension of minting tokens through Prime Trust. Then the price of the coin dropped to $0.9964, but soon recovered.
