TrueUSD, a popular stablecoin with the ticker TUSD, has just changed management. According to a thread posted this morning by the project’s official Twitter handle, Archblock Inc., the current TUSD operator, has begun the transfer of total ownership of Token to its Asian-based owners, Techteryx Ltd. Techteryx purchased TUSD in December 2020, but hired Archblock to keep the stablecoin operational. And, during the two years when Archblock was the token’s operator, Techteryx claims to have focused on growing the token’s overseas use cases in worldwide markets.
However, Archblock began the transfer of authority yesterday, July 13, marking the end of TUSD’s international transition. Following completion, Techteryx will apparently assume complete management of all elements of the stablecoin’s operation.These controls will cover mining and redemptions, client onboarding and compliance, fiat reserve conservation, and the maintenance of banking and fiduciary connections. During the changeover phase, Archblock will continue to support TUSD users in the United States, with Techteryx providing the required guidance and updates.
Prior to today’s revelation, TUSD has generated significant attention, particularly in light of Binance’s recent activities with the stablecoin. On June 21, the cryptocurrency exchange announced the introduction of a TUSD zero-maker fee offer for spot and margin trading pairings beginning June 30.
Interestingly, Binance had produced $1 billion in TUSD on the Tron network a week before making that announcement, making it the largest holder of the token.At the time of writing, Ethercscan data suggests that Binance accounts for more than 68% of TUSD’s circulating supply, which is estimated to be $1.92 billion. TrueUSD is the fifth largest stablecoin and the 27th largest cryptocurrency, with a market capitalization of $2.8 billion.
Stablecoins are regarded as an important aspect of the crypto sector, particularly because of their steady value, which allows traders and investors to avoid the volatility of the crypto market.
Unsurprisingly, Tether USDT (USDT) remains the market leader, with a market valuation of $83.5 billion, followed by Circle’s USDCoin (USDC) with a market cap of $27.08 billion.
Following the regulatory embargo that suspended its production in February, Binance USD (BUSD), with a market cap of $3.99 billion, lost more than 75% of its market share, falling to fourth position behind the DAI stablecoin, which has a market cap of $4.28 billion.