TrueUSD Stablecoin Fully Controlled by Asian Owner

TrueUSD Stablecoin Fully Controlled by Asian Owner

The Rise of Techteryx: A New Era for TrueUSD in the Blockchain Industry

In recent news, the popular stablecoin TrueUSD (TUSD) is undergoing a significant management change. Archblock Inc., the current operator of TUSD, has initiated the transfer of total control of the token to its Asian-based owners, Techteryx Ltd. This move marks the completion of TUSD’s international transition, with Techteryx assuming full management of all aspects of the stablecoin’s operation.

Techteryx Assumes Control of TrueUSD

Techteryx’s ownership of TUSD dates back to December 2020 when they acquired the token. However, they enlisted Archblock to maintain its operations. During Archblock’s tenure as TUSD’s operator, Techteryx focused on expanding the token’s use cases in global markets. Now, with the transfer of control, Techteryx will take over all responsibilities, including mining and redemptions, customer onboarding and compliance, fiat reserve management, and maintenance of banking and fiduciary relationships.

Throughout the transition period, Archblock will continue to provide support to TUSD users in the United States, while Techteryx offers guidance and updates. This collaborative effort ensures a smooth handover and a seamless experience for TUSD users.

TUSD’s Growing Popularity and Binance’s Involvement

Before this management change, TUSD had already garnered attention, particularly due to Binance’s recent involvement with the stablecoin. Binance, a prominent cryptocurrency exchange, launched a zero-maker fee promotion for TUSD spot and margin trading pairs. In preparation for this announcement, Binance minted $1 billion worth of TUSD on the Tron network, making it the largest holder of the token.

As of now, Binance accounts for over 68% of TUSD’s circulating supply, estimated at $1.92 billion. With a market cap value of $2.8 billion, TrueUSD currently ranks as the 5th largest stablecoin and the 27th largest cryptocurrency according to Coingecko.

The Stablecoin Market Outlook

Stablecoins play a vital role in the crypto space, providing traders and investors with a means to avoid the volatility associated with other cryptocurrencies. However, the stablecoin market has experienced a decline throughout the year. According to data from DeFi ilLama, the total market cap of stablecoins has decreased from $137.79 billion on January 1 to $126.96 billion, representing 9.86% of the total crypto market.

Despite this decline, Tether (USDT) remains the dominant stablecoin, with a market cap of $83.5 billion, followed by Circle’s USDCoin (USDC) with a market cap of $27.08 billion. Binance USD (BUSD), which faced regulatory restrictions earlier this year, experienced a significant loss in market share, falling to fourth place behind the DAI stablecoin.

Stablecoin Market Cap (Billions)
Tether (USDT) $83.5
USDCoin (USDC) $27.08
DAI $4.28
Binance USD $3.99

A Bright Future for TrueUSD

With Techteryx assuming control of TrueUSD, the stablecoin is poised for further growth and development. Techteryx’s expertise and Archblock’s continued support ensure that TUSD remains a reliable and widely-used stablecoin. As the blockchain industry evolves, stablecoins like TrueUSD will continue to play a crucial role in facilitating secure and efficient transactions within the crypto ecosystem.