Binance head Richard Teng says the exchange is in “close touch” with its customers regarding the bankruptcy of FlowBank, which stored the exchange’s clients trading collateral. Cryptocurrency exchange Binance seems unaffected by FlowBank‘s bankruptcy, following the Swiss regulator’s announcement on…

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Stablecoin TrueUSD (TUSD) affiliated with Justin Sun lost nearly 80% in market capitalization after crypto exchange Binance removed several trading pairs with it. TrueUSD (TUSD), a stablecoin issued by the TrustToken platform, which currently operates as Archblock, declined by 78.9%…

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Crypto exchange HTX, previously known as Huobi, has unexpectedly deactivated its proof-of-reserves feature.

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This week, spot Bitcoin ETFs recorded impressive inflows as the digital currency continued to battle the bears at the $41,000 mark.

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Stablecoin TrueUSD (TUSD) has lost its peg to the U.S. dollar. According to Chainlink, on Jan. 16, TUSD was trading at $0.985. TUSD first fell significantly below its peg around Jan. 15 at 11:00 UTC, falling to $0.984 at 23:15.…

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The HKVAC top 5 will exclude several prominent cryptocurrencies. For instance, Solana, which has recently been highlighted for its significant market strides, is set to replace Ripple’s XRP. 

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Justin Sun-backed dollar-pegged stablecoin TrueUSD is facing difficulties with attestations for its underlying reserves. According to data from LedgerLens, a real-time reserve balance dashboard displayed on the TrueUSD official website, during the last reporting interval the system received API errors…

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TrueUSD (TUSD), a stablecoin with a market cap exceeding $3.1 billion, appears “shaky” and briefly depegged on November 22, dropping to as low as $0.9976 before restoring its peg. The temporary depeg was attributed to a deluge of selling orders, according to Kaiko, a blockchain analytics firm.

TUSD Briefly Depegs, Large Selling Orders Rolling Through

Riyad Carey, a researcher at Kaiko, noted that large sell orders, including one for $3 million, triggered the turbulence that caused the stablecoin’s price to dip below the dollar peg. This brief deviation resulted in users who redeemed TUSD receiving less USD. Ideally, any redemption of a fiat-backed stablecoin should result in a 1:1 reception of the collateral.

The incident highlights the potential impact of large order blocks on liquidity and the potential for slippage. TUSD, theoretically backed by USD and issued by TrustToken, is popular in Binance, an exchange that delisted USDC and 2023.

Because of this limitation, TUSD is one of the most liquid stablecoins paired with leading coins like Bitcoin (BTC). However, despite its popularity, it trails Tether (USDT), the world’s largest stablecoin by market cap. 

The TEURO Mystery

This depegging occurred a few weeks after tough security questions were raised about TUSD. In mid-October, the minter was forced to disclaim TEURO, a token deployed from the same address, suggesting that private keys associated with TUSD may have been compromised.

Curiously, funds tied to TEURO, the fake token, were also linked to the deployment of TCNY, another fake token unaffiliated with TrueUSD. Following these incidents, the community began raising questions about the security of the stablecoin and, more importantly, its underlying infrastructure.

This was expected, considering that a centralized entity issues TUSD though all transactions are on-chain. 

Despite these challenges, TrueUSD maintains that its smart contracts are secure. The company emphasizes that it has gained ownership of the TUSD minting contract since the end of 2020.

In early May 2023, TUSD depegged, rising to as high as $1.20 on multiple exchanges, particularly on Binance. This was attributed to an increase in activity on the SUI farming pool. 

Still, this is not the first time popular stablecoins have depegged. In March 2023, USDC and DAI, two of the world’s largest stablecoins, depegged, leading to widespread fear in the market. However, the team restored parity. Moreover, to improve confidence, stablecoin issuers regularly publish attestation reports.

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TrueUSD client data, including names and blockchain wallet addresses, is exposed following a security breach involving a third-party vendor.

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

Techteryx Finally Assumes Control Of TrueUSD

Back in December 2020, Techteryx acquired ownership of TUSD but hired Archblock to keep maintaining the stablecoin’s operations. And for the last two years in which Archblock remained TUSD’s operator, Techteryx claims to have been focusing on expanding the token’s foreign use cases in the global markets. 

Related Reading: BUSD Market Cap Plunge Of 80% Raises Concerns Of Impending Collapse

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

These controls will include mining and redemptions, customer onboarding and compliance, conservation of fiat reserve, and maintenance of banking and fiduciary relationships.

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

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

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

Related Reading: Stablecoin Market Share Dwindles As USDC And BUSD Supply Deplete

At the time of writing, Ethercscan data shows that Binance accounts for over 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 5th largest stablecoin and 27th largest cryptocurrency, according to data by Coingecko. 

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 the volatility of the crypto market. 

According to data from DeFi ilLama, the stablecoin market has been on the decline all year, with its total market cap shrinking from $137.79 billion on January 1 to its current value of $126.96 billion, accounting for 9.86% of the total crypto market. 

Related Reading: Stablecoin Sharks & Whales Show 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, with Circle’s USDCoin (USDC) following with a market cap of $27.08 billion.

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

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