Techteryx, the owner of the stablecoin TrueUSD (TUSD), has recently assumed full control of its operations. This move comes over two and a half years after the British Virgin Islands-incorporated firm purchased it from the crypto firm ArchBlock.
Techteryx Takes Over Full Control of Stablecoin TrueUSD
Since Techteryx’s acquisition of the business in December 2020, ArchBlock had continued to manage its operations. However, as of July 13, Techteryx has taken over “full management of all offshore operations and services related to TUSD.” This includes the minting and redemptions, customer onboarding, and compliance.
TrueUSD’s Market Position
TUSD holds a significant position in the world of stablecoins. It is currently the fifth largest stablecoin globally, boasting a market capitalization of over $2.8 billion. Its popularity has been further bolstered this year due to support from Binance, the world’s largest crypto exchange.
Binance’s Support for TrueUSD
In March, Binance decided to maintain zero-fee trading for buying and selling Bitcoin on several asset pairs exclusively for TrueUSD. This move has undoubtedly contributed to the increased prevalence of TUSD in the crypto market.
The Future of TrueUSD
With Techteryx now at the helm, the future of TrueUSD looks promising. The full transition of control signifies a new chapter for the stablecoin, and it will be interesting to see how Techteryx will steer its operations moving forward.
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