Featured image of 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 account, Archblock Inc., the current TUSD operator, has begun transferring total control of Token to its Asia-based owners, Techteryx Ltd.
Techteryx finally takes control of TrueUSD
Back in December 2020, Techteryx purchased owned by TUSD, but hired Archblock to maintain the stablecoin’s operations. And for the last two years in which Archblock remained TUSD’s operator, Techteryx claims to have focused on expanding the token’s foreign use cases in global markets.
Related reading: BUSD market cap at 80% raises concerns of imminent collapse
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 operation.
These controls include mining and redemptions, customer onboarding and compliance, maintaining fiat reserve, and maintaining banking and fiduciary relationships.
During the transition period, Archblock will continue to support US-based TUSD users, with Techteryx stepping in with necessary guidance and further updates.
Prior to today’s news, TUSD has sparked some interest, especially after Binance’s recent moves with the stablecoin. The cryptocurrency exchange will start on June 21 announced launching a TUSD zero maker fee promotion for spot and margin trading pairs starting June 30.
Interestingly enough, Binance had beaten $1 billion in TUSD on the Tron network a week before he made that announcement and became the largest holder of the token.
Related reading: Stablecoin’s market share is shrinking as USDC and BUSD supply is depleted
At the moment of writing, Ethercscan data shows that Binance accounts for over 68% of TUSD’s circulating supply, estimated at $1.92 billion. With a market cap of $2.8 billion, TrueUSD is currently the 5th largest stablecoin and the 27th largest cryptocurrency, according to data from Coingecko.
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 essential part of the crypto world, mainly because of their constant value, which allows traders and investors to avoid the volatility of the crypto market.
According to data from DeFi ilLamaThe stablecoin market has been in decline all year, with the total market cap falling from $137.79 billion on January 1 to its current value of $126.96 billion, accounting for 9.86% of the total crypto market.
Related Reading: Stablecoin Sharks & Whales Show Strong Accumulation, Good Sign for Bitcoin?
Unsurprisingly, Tether USDT (USDT) has remained the leader of the pack, with a market cap of $83.5 billion, followed by Circle’s USDCoin (USDC) with a market cap of $27.08 billion.
After the regulatory embargo that halted its issuance in February, Binance USD (BUSD) – with a market cap of 3.99 billion – lost more than 75% of its market share and dropped to fourth place behind the DAI stablecoin, which currently has a market cap of $4.28 billion.
Featured image of Kraken, chart from Tradingview.