Stablecoin issuer TUSD has assured users that it has not been exposed to the Prime Trust and that all funds are safe.
After the failed acquisition of Prime Trust, a provider of digital assets infrastructure and financial technology, by BitGo earlier this month, problems facing the Nevada-based company have led to a shutdown of withdrawals and deposits. As a result, all Prime Trust customers are currently stranded with little to do. However, the TrueUSD (TUSD) stablecoin team has reassured its users that all funds are safe because they are not disclosed financially. In this regard, TUSD remains highly liquid and all tokens are redeemable in USD at a ratio of 1:1.
TrueUSD has reassured its users that it will continue to be a trusted partner in the crypto space. On June 10, TrueUSD announced that TUSD minting via the Prime Trust protocol would no longer be available. However, the announcement caused confusion among cryptocurrency enthusiasts Adam Cochran It revealed that the company was sending users a different message.
So TUSD said it has not been hit by Prime Trust but is sending users this email, saying no more mints and refunds due to Prime Trust.
Nevada regulators believed that the Prime Trust was insolvent and unable to meet user deposits… pic.twitter.com/dww3dqFiea
– Adam Cochran (@adamscochran.eth) (@adamscochran) June 22, 2023
In response, TrueUSD referred Twitter users to customer support, which raised even more eyebrows. Notably, Cochran urged Binance to stop using TUSD and promote a stablecoin with zero-fee trading. However, the TrueUSD stablecoin continues to trade normally pegged to the US dollar. Furthermore, the company reassured users that its other banking partners are operating as normal with the coinage unaffected.
“TUSD minting and redemption services remain unaffected and will continue to operate as normal. We want to assure you that our partnerships with other banking institutions will remain intact, allowing for seamless transactions,” the company said. male.
TrueUSD (TUSD) and Crypto Market Outlook
According to the latest crypto market data provided by Binance-backed Coinmarketcap, the total market cap of TrueUSD (TUSD) is approximately $3,141,492,559 and the 24-hour trading volume is approximately $2.6 billion. The TrueUSD (TUSD) stablecoin is available on several top chains including Ethereum, TRON, Avalanche, BSC, Fantom, and Polygon. As a result, the stablecoin is available for trading on top DeFi protocols as well as centralized exchanges such as Binance, Bitrue, Bitget, BitMart, and Phemex.
The TrueUSD stablecoin has benefited greatly from operating on the Tron network, which is the official chain in Dominica. Moreover, crypto-based assets Tron have brought more utility and regulatory visibility in the region through Dominica.
The use of stablecoins in the cryptocurrency market is of great importance, especially during periods of high volatility. However, governments around the world have stepped in to regulate the industry in the wake of the collapse of Terra UST, which wiped more than $30 billion off the market. As a result, most countries are in the process of introducing their own Central Bank Digital Currency (CBDC) to help adopt the safe digital market.
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