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TrueUSD Says ‘Small Number’ of Users Impacted by Signature Bank Closure
Stablecoin issuer says USD funds held at Signature bank are now fully backstopped by Fed.
By Sam Reynolds
Updated May 9, 2023, 4:10 a.m. Published Mar 13, 2023, 4:16 a.m.
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Singapore-based Techteryx, which issues TrueUSD, said Monday morning Asia time that minting and redemption is paused for its users with Signature Bank but continues unaffected across the rest of its banking network.
The US Government announced the closure & backstopping of Signature Bank. As a result, TrueCoin paused TUSD minting & redemption for our small number of Signature Bank users. Minting & redemption continues unaffected across the rest of our banking network.https://t.co/kLKvrRUhE1
— TrueUSD (@tusdio) March 13, 2023
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The stablecoin issuer disclosed in a December report that it splits its holdings across a variety of depository institutions in the U.S., Hong Kong and the Bahamas.
TrueUSD has a market cap of just over $2 billion. Data from Nansen.ai shows that Binance is the exchange with the largest holdings of TrueUSD at $428 million.
Currently, the trueUSD stablecoin has been knocked off its dollar peg and is trading at just slightly under $1 on Binance.
Coinbase says it has $240 million in cash at Signature bank but is able to process transactions through other banking partners. Paxos also disclosed it has $250 million at Signature Bank, but says it has private insurance on deposits in excess of FDIC insurance limits.
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