TrueUSD, a prominent stablecoin with the ticker TUSD, is currently undergoing a management change. The project's official Twitter handle, Archblock Inc., has announced that the current TUSD operator is transferring total control of the token to its Asian-based owners, Techteryx Ltd. The featured image is from Kraken and the chart is from Tradingview.
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Asian owner to fully control stablecoin TrueUSD. Techteryx Finally Assumes Control Of TrueUSD
In December 2020, Techteryx acquired ownership of TUSD and hired Archblock to continue managing the stablecoin's operations. During the two-year period in which Archblock served as TUSD's operator, Techteryx focused on expanding the token's use cases in global markets.
Recently, Archblock has begun transferring control to Techteryx, marking the final stage of TUSD's international transition. Techteryx will assume full management of all aspects of the stablecoin's operation, including mining and redemptions, customer onboarding and compliance, fiat reserve conservation, and banking and fiduciary relationships.
Archblock will continue to support US-based TUSD users during the transition period, with Techteryx providing guidance and updates as needed.
TUSD has gained attention, particularly after Binance's recent promotion of the stablecoin. Binance minted $1 billion worth of TUSD on the Tron network a week before announcing a TUSD zero-maker fee promotion for spot and margin trading pairs on June 21.
As of now, Binance accounts for more than 68% of TUSD's circulating supply, estimated at $1.92 billion. With a market cap value of $2.8 billion, TrueUSD currently ranks as the fifth-largest stablecoin and the 27th largest cryptocurrency, according to data by Coingecko. Asian owner to fully control stablecoin TrueUSD.
The Stablecoin Market In 2023
Stablecoins play a crucial role in the cryptocurrency space by providing traders and investors with a stable value, reducing their exposure to the volatility of the crypto market. However, the stablecoin market has seen a decline this year, with a decrease in total market cap from $137.79 billion to $126.96 billion, accounting for 9.86% of the total crypto market, according to data from DeFi ilLama. Tether USDT remains the dominant stablecoin with a market cap of $83.5 billion, followed by Circle's USDCoin at $27.08 billion. Binance USD (BUSD) lost over 75% of its market share after a regulatory embargo in February, slipping to fourth place behind DAI stablecoin, which currently boasts a market cap of $4.28 billion.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.