Featured image from Kraken, chart from TradingView.
In today’s news, the prominent stablecoin TrueUSD – along with TUSD ticker – is now undergoing a management change. according to Thread this morning Through the project’s official Twitter account, Archblock Inc. , the current operator of TUSD, has transferred full control of the token to its Asian-based owner, Techteryx Ltd.
Techteryx finally takes control of TrueUSD
Back in December 2020, Techteryx acquired Ownership of TUSD but leased Archblock to maintain operations of Stablecoin. And over the past two years that Archblock has been a TUSD operator, Techteryx claims it has been focused on expanding foreign use cases of the token into global markets.
Related reading: US Dollar Bank’s 80% Market Capitalization Sparks Fears of Impending Collapse
However, Archblock has now initiated the transfer of control yesterday, July 13th, marking the end of the international transition phase for TUSD. Upon completion, Techteryx will reportedly take over full management of all aspects of the stablecoin’s operation.
These controls will include mining and recovery, customer onboarding and compliance, maintaining cash reserves, and maintaining banking and credit relationships.
During the transition period, Archblock will continue to support US-based TUSD users, with Techteryx stepping in with necessary guidance and further updates.
Ahead of today’s news, TUSD has attracted some attention especially after Binance’s recent moves with the stablecoin. On June 21, the cryptocurrency exchange took place announce Launch of a no-fee TUSD maker promotion for spot and margin trading pairs starting June 30th.
Interestingly, Binance Quiet TUSD hits $1 billion on the Tron network a week before it was announced that it would become the largest holder of the token.
Related reading: Stablecoin market share dwindles as USDC and BUSD supply depletes
At the time of writing this report, Ethercscan data It shows that Binance accounts for more than 68% of the circulating supply of TUSD, estimated at around $1.92 billion. With a market capitalization of $2.8 billion, TrueUSD currently ranks as the 5th largest stablecoin and 27th largest cryptocurrency, according to Coingecko data.
TUSD Valued At $0.99 On The 4-Hour Chart | Source: TUSDUSD Chart On Tradingview.com
Stablecoin market in 2023
Stablecoins are a vital part of the crypto space, especially because of their fixed value, which allows traders and investors to avoid the volatility of the cryptocurrency market.
according to Data from DeFi ilLamaThe stablecoin market has been in decline all year, with the 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 cryptocurrency market.
Related reading: Stable Whale Sharks Show Strong Accumulation Is It A Good Sign For Bitcoin?
Unsurprisingly, Tether USDT (USDT) remained at the top 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.
After a regulatory ban halted its issuance in February, Binance USD (BUSD) — with a market capitalization of $3.99 billion — has lost more than 75% of its market share, dropping to fourth place behind the stablecoin DAI, which currently boasts a market capitalization of $4.28 billion. dollar.
Featured image from Kraken, chart from TradingView.