TrueUSD

The securities regulator claims the token is undercollateralized and its backing funds are in a risky overseas investment.

The Switzerland-based bank reportedly had ties to the TrueUSD stablecoin issuer, Techteryx, crypto asset manager CoinShares and Binance.

TrueUSD’s price fell to $0.97 on Jan. 18 despite its efforts to assure users of its fiat reserves.

TUSD tumbled as low as $0.984 on Jan. 15, amid reports that holders are cashing out for USDT and reported difficulties posting real-time attestations of its reserves.

The stablecoin ecosystem has evolved significantly over the years, with new regulations and models shaping the landscape.

In an official statement, cryptocurrency exchange Binance unveiled its plans to implement updates to its zero-fee Bitcoin trading starting Sept. 7.

Stablecoin issuer TrueUSD maintains that it is not affected by the current challenges facing Prime Trust.

The recent depeg comes as the TrueUSD team announced a pause on TUSD minting through Prime Trust until further notice.