{"id":336873,"date":"2023-06-23T11:27:03","date_gmt":"2023-06-23T10:27:03","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=336873"},"modified":"2023-06-23T11:27:03","modified_gmt":"2023-06-23T10:27:03","slug":"trueusd-maintains-it-has-no-exposure-to-prime-trust-despite-community-claims","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/trueusd-maintains-it-has-no-exposure-to-prime-trust-despite-community-claims\/","title":{"rendered":"TrueUSD maintains it has no exposure to Prime Trust despite community claims"},"content":{"rendered":"

TrueUSD (TUSD<\/a>) stated in a June 22 Twitter post<\/a> that it is not affected by the issues faced by crypto custodial firm Prime Trust.<\/p>\n

Prime Trust was forced to suspend<\/a> all deposits of fiat and digital assets by Nevada financial regulators on June 21 because it failed to safeguard assets under its custody and could not fulfill client withdrawals.<\/p>\n

Stablecoin firm Stably temporarily stopped<\/a> minting and redeeming its Stably USD (USDS<\/a>) on four blockchain networks as a result.<\/p>\n

TUSD said<\/a> it maintains multiple U.S. dollar rails to mint and redeem its stablecoins – reiterating that it had no exposure to the embattled crypto custodian. The firm added<\/a>:<\/p>\n

“This means that alternative TUSD minting and redemption processes are live and available on these USD rails.”<\/p><\/blockquote>\n

Contradictory TUSD emails<\/h2>\n

Probing the situation, Adam Cochran<\/a>, a partner at Cinneamhain Ventures, called on market makers and OTC operators for feedback on whether they can mint or redeem TUSD. Cochran offered a $1,000<\/a> bounty to incentivize a response.<\/p>\n

Joining Cochran's thread, a TUSD user shared screenshots<\/a> of an email from TUSD informing of a suspension of minting and redemption services following the Prime trust saga.<\/p>\n

TUSD stated<\/a> that it had paused minting via Prime Trust<\/a> for over ten days, adding that it maintains other payment rails with new banking partners.<\/p>\n

When pressed about the new rails, the firm asked Cochran to email its support team.<\/p>\n

TUSD did not respond to CryptoSlate's<\/em> request for comment as of press time.<\/p>\n

Curve pool imbalance<\/h2>\n

Meanwhile, the TUSD has become imbalanced on Curve Pool<\/span><\/a> – now accounting for nearly 62% of the $7.5 million reserves – with crypto traders showing a preference for other stablecoins, such as DAI<\/a>, USDC<\/a>, and USDT<\/a>.<\/p>\n

Furthermore. the stablecoin has slightly deviated from its dollar peg, trading at $0.9996 as of press time, according to CoinMarketCap data<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

TrueUSD (TUSD) stated in a June 22 Twitter post that it is not affected by the issues faced by crypto custodial firm Prime Trust. Prime Trust was forced to suspend all deposits of fiat and digital assets by Nevada financial regulators on June 21 because it failed to safeguard assets under its custody and could […]<\/p>\n","protected":false},"author":720,"featured_media":336876,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[32631],"tags":[78636,78031],"post_folder":[],"acf":[],"yoast_head":"\nTrueUSD maintains it has no exposure to Prime Trust despite community claims<\/title>\n<meta name=\"description\" content=\"Adam Cochran questioned if TUSD minting and redemption is still available - the company states services remain open via other rails.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/trueusd-maintains-it-has-no-exposure-to-prime-trust-despite-community-claims\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TrueUSD maintains it has no exposure to Prime Trust despite community claims\" \/>\n<meta property=\"og:description\" content=\"Adam Cochran questioned if TUSD minting and redemption is still available - 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