Featured Image from Kraken, Chart from Tradingview.

In today’s news, the prominent stablecoin TrueUSD, with the ticker TUSD, is now undergoing a management change. according to a thread this morning Per the project’s official Twitter handle, Archblock Inc., the current operator of TUSD, has begun the transfer of full control of the Token to its Asia-based owners, Techteryx Ltd.

Techteryx finally takes over TrueUSD

In December 2020, Techteryx acquired ownership of TUSD but contracted with Archblock to continue to maintain stablecoin operations. And for the past two years that Archblock has remained the operator of TUSD, Techteryx claims to have focused on expanding foreign use cases for the token in global markets.

Related Reading: BUSD Market Cap Drop Of 80% Raises Concerns Of Imminent Crash

However, Archblock has now begun the transfer of control yesterday, July 13, marking the final phase of TUSD’s international transition. Upon completion, Techteryx will assume full management of all aspects of the stablecoin operation.

These controls will include mining and redemptions, customer onboarding and compliance, trust reserve maintenance, and maintenance of bank and trust relationships.

During the transition period, Archblock will continue to support US-based TUSD users, with Techteryx stepping in with necessary guidance and further updates.

Prior to today’s news, TUSD has attracted some interest, especially after Binance’s recent moves with the stablecoin. On June 21, the cryptocurrency exchange announced the launch of a TUSD zero fee promotion for spot and margin trading pairs starting June 30.

Interestingly, Binance had coined $1 billion in TUSD on the Tron network a week before making that announcement becoming the largest holder of the token.

Related Reading: Stablecoin Market Share Declines as USDC and BUSD Supplies Dwindle

At the time of writing, Ethercscan data shows that Binance accounts for over 68% of the circulating supply of TUSD, estimated at $1.92 billion. With a market capitalization value of $2.8 billion, TrueUSD currently ranks as the fifth largest stablecoin and the 27th largest cryptocurrency, according to data from Coingecko.

TUSD valued at $0.99 on the 4-hour chart | Source: TUSDUSD chart on Tradingview.com

The stablecoin market in 2023

Stablecoins are considered a vital part of the crypto space, especially due to their constant value, allowing traders and investors to avoid crypto market volatility.

According to data from DeFi ilLama, the stablecoin market has been in decline all year, with total market capitalization shrinking from $137.79 billion on January 1 to its current value of $126, 96 billion, representing 9.86% of the total crypto market.

Related Reading: Stablecoin Sharks & Whales Shows Strong Accumulation, Good Sign for Bitcoin?

Unsurprisingly, Tether USDT (USDT) has remained the leader of the pack, with a market cap of $83.5 billion, followed by Circle’s USDCoin (USDC) with a market cap of $27.08. billion.

Following the regulatory embargo that halted its issuance in February, Binance USD (BUSD), with a market capitalization of 3.99 billion, lost more than 75% of its market share, falling to fourth place behind stablecoin DAI, which currently it boasts a market capitalization of $4.28 billion.

Featured Image from Kraken, Chart from Tradingview.

This post Stablecoin TrueUSD will be fully controlled by an Asian owner

was published first on https://www.newsbtc.com/stablecoin/stablecoin-trueusd-to-be-fully-controlled-by-asian-owner/


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