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Stablecoin TrueUSD Owner Techteryx to Take Full Control of Operation
Techteryx assumed "full management full management of all offshore operations and services related to TUSD," on July 13
Updated Jul 14, 2023, 11:35 a.m. Published Jul 14, 2023, 11:35 a.m.
The owner of the stablecoin TrueUSD (TUSD) have taken full control of its operation more than two and a half years after purchasing it from crypto firm ArchBlock.
Techteryx, a British Virgin Islands-incorporated firm, bought the business in December 2020, since then the previous owner ArchBlock has continued to manage its operations.
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Techteryx assumed "full management full management of all offshore operations and services related to TUSD, including minting and redemptions plus customer onboarding and compliance," on Thursday, according to a post on TrueUSD's Twitter account.
TUSD is the world's fifth largest stablecoin with a market capitalization of just over $2.8 billion, according to data by CoinMarketCap. Its prevalence has been boosted this year by support from Binance. In March, the world's largest crypto exchange eliminated zero-fee trading for buying and selling of bitcoin on several asset pairs, but kept it for TrueUSD.
Read More: Crypto Markets ‘Highly Dependent’ on Stablecoins Lacking Transparency, TUSD Poses Risk: Kaiko
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