Market Cap of TrueUSD Surges to 3 Billion Dollars, Triggering Speculation About Its Actual Controllers

Crypto News– TrueUSD, a rapidly expanding stablecoin pegged to real-world currencies, has achieved significant growth within the realm of digital currencies. Recent data obtained from the Wall Street Journal underscores that TrueUSD’s market capitalization has impressively crossed the $3 billion threshold since March, representing a remarkable doubling in value.

Market Cap of TrueUSD Surges to 3 Billion Dollars, Triggering Speculation About Its Actual Controllers

This remarkable feat has propelled the cryptocurrency into the esteemed position of the fifth-largest global stablecoin, as corroborated by CoinGecko’s reports. During the beginning of this year, TrueUSD accounted for less than 1% of the total stablecoin volume on centralized cryptocurrency exchanges. However, recent insights provided by Kaiko, a prominent provider of cryptocurrency market data, reveal that TrueUSD’s market share has surged to an impressive 20% within the same period.

While the ascent of TrueUSD is undeniable, a veil of uncertainty envelops its ownership. The stablecoin was initially introduced to the world in March 2018 by its founders, Rafael Cosman and Daniel Jaiyong An, through their startup TrustLabs.

Notably, the company later underwent a rebranding, emerging as Archblock, and garnered substantial financial backing from notable investors such as Peter Thiel’s Founders Fund, Andreessen Horowitz, and Jump Trading.