Featured Image From Kraken, Chart From Tradingview.
In today’s news, the prominent stablecoin TrueUSD – with the ticker TUSD – is now undergoing a management change. According to a thread this morning through the project’s official Twitter handle, Archblock Inc., the current TUSD operator, began transferring overall control of the Token to Asian-based owners, Techteryx Ltd.
Techteryx Finally Considers Taking Control of TrueUSD
In December 2020, Techteryx acquired ownership of TUSD but hired Archblock to continue operations of the stablecoin. And in the last two years where Archblock has remained the operator of TUSD, Techteryx claims to have focused on expanding the foreign use cases of the token in global markets.
Related Reading: BUSD Market Cap Plunge By 80% Raises Concerns Of Impending Crash
However, Archblock has now begun the transfer of control yesterday, July 13, marking the final phase of TUSD’s international transition. Upon completion, Techteryx will reportedly assume full management of all aspects of the stablecoin’s operations.
These controls will include mining and redemption, customer onboarding and compliance, fiat reserve conservation, and maintaining banking and fiduciary relationships.
During the transition period, Archblock will continue to support US-based TUSD users, with Techteryx accompanying the necessary guidance and additional updates.
Prior to today’s news, TUSD had attracted some interest especially following Binance’s recent move to the stablecoin. On June 21, the cryptocurrency exchange announced the launch of a TUSD zero-maker fee promotion for spot and margin trading pairs starting June 30.
Interesting, Binance done $1 billion worth of TUSD on the Tron network a week before that announcement was made becoming the largest holder of the token.
Related Reading: Stablecoin Market Share Declines As USDC And BUSD Supply Depletes
At the time of writing, Ethercscan data shows that Binance accounts for over 68% of the TUSD supply, approximately $1.92 billion. With a market cap value of $2.8 billion, TrueUSD currently ranks as the 5th largest stablecoin and 27th largest cryptocurrency, according to Coingecko’s data.
TUSD Valued At $0.99 On The 4-Hour Chart | Source: TUSDUSD Chart On Tradingview.com
The Stablecoin Market In 2023
Stablecoins are considered an important part of the crypto space, mainly because of their constant value, allowing traders and investors to avoid the volatility of the crypto market.
According to data from DeFi ilLama, the stablecoin market has been in decline throughout the year, with its total market cap decreasing from $137.79 billion on January 1 to the current value of $126.96 billion, which is worth 9.86% of the total crypto market.
Related Reading: Stablecoin Sharks & Whales Show Strong Rally, Good Sign For Bitcoin?
Unsurprisingly, Tether USDT (USDT) remains the leader of the pack, with a market cap of $83.5 billion, with Circle’s USDCoin (USDC) following behind with a market cap of $27.08 billion.
After the regulatory embargo that stopped its issuance in February, Binance USD (BUSD) – with a market cap of 3.99 billion – lost 75% of its market share, falling to fourth place behind the DAI stablecoin , which currently boasts a market cap of $4.28 billion.
Featured Image From Kraken, Chart From Tradingview.
