Singapore-based Techteryx, which issues ТrueUSD, informed that that issuance and redemption for users with Signature Bank will be suspended, but the rest of the banking network will not be affected.
According to TrueUSD, Closure of Signature Bank Will Affect Small Number of Users
Stablecoin issuer company informed in December that it was splitting its holdings across a variety of depository institutions in the U.S., Hong Kong and the Bahamas. ТrueUSD’s market capitalization is over $2 billion. According to data from Nansen.ai, Binance is the largest exchange with $428 million in ТrueUSD holdings.
According to Coinbase, the company has $240 million in cash at Signature Вank, but can process transactions through other banking partners. Paxos also announced it has $250 million at Signature Вank,but said it has private insurance for deposits that exceed the FDIC insurance limit.
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