2 years ago
TrueUSD’s (TUSD) circulating proviso has much than doubled successful the past 2 weeks, reaching implicit 2 cardinal tokens connected March 13.
TUSD’s full proviso is 2.073 cardinal arsenic of property time, according to CryptoSlate’s data.
During the period, the little-known stablecoin has besides grown to go the second-largest stablecoin by circulating proviso and transportation measurement connected the Tron blockchain.
TUSD’s emergence coincides with rival troubles
TUSD’s emergence has coincided with caller troubles affecting stablecoin rivals and their banking partners.
Binance USD (BUSD) troubles began successful February erstwhile regulators ordered its issuer Paxos to stop other mints. At the time, Binance CEO Changpeng ‘CZ’ Zhao said the speech would enactment different stablecoins successful the ecosystem pursuing BUSD’s decline.
True to his word, the speech minted nearly 50 cardinal TUSD tokens and added caller trading pairs for the stablecoin.
Blockchain analytical steadfast Santiment noted that TUSD’s adoption reached a caller precocious arsenic its proviso connected exchanges reached 73% for the archetypal clip since June 2021.
Meanwhile, the illness of crypto-friendly banks similar Silicon Valley Bank alongside Silvergate and Signature Bank affected confidence successful USD Coin’s (USDC) reserve. Its issuer Circle said it held portion of the stablecoin’s reserve astatine the failed SVB.
TUSD has vulnerability to Signature Bank
TrueCoin said it had paused TUSD minting and redemption for respective of its Signature Bank users. The TUSD issuer said immoderate of its fiat U.S. Dollar funds were held astatine the embattled Signature Bank.
TUSD’s reserves showed that it held $852.27 cardinal astatine Signature Bank. Other banks holding TUSD’s reserves see Prime Trust, First Digital, Capital Union, Manual, and BitGo.
Source: TUSD’s Real-Time ReserveU.S. regulators took control of the slope connected March 12. The New York State Department of Financial Services appointed the FDIC arsenic its receiver. FDIC has transferred each Signature’s deposits and assets to the caller full-service slope it created, Signature Bridge Bank.
According to TUSD, it is successful nonstop interaction with affected users. The stablecoin steadfast added that its different banking networks were afloat operational, assuring users that minting and redemptions continue.
The station TUSD’s proviso crosses $2B amid banking woes for stablecoin rivals appeared archetypal connected CryptoSlate.
English (US) 