{"id":542747,"date":"2023-07-16T02:00:53","date_gmt":"2023-07-16T02:00:53","guid":{"rendered":"https:\/\/uniquehot.com\/?p=542747"},"modified":"2024-06-11T07:53:21","modified_gmt":"2024-06-11T07:53:21","slug":"stablecoin-trueusd-to-be-fully-controlled-by-asian-owner","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/stablecoin-trueusd-to-be-fully-controlled-by-asian-owner\/","title":{"rendered":"Stablecoin TrueUSD To Be Fully Controlled By Asian Owner"},"content":{"rendered":"
Featured Image From Kraken, Chart From Tradingview.<\/div>\n

In today’s news, the prominent stablecoin TrueUSD – with the ticker TUSD – is now undergoing a management change.\u00a0 <\/span>According to a thread this morning<\/a> by the project\u2019s official Twitter handle, Archblock Inc., the current TUSD operator, has begun the transfer of total control of Token to its Asian-based owners, Techteryx Ltd.\u00a0<\/span><\/p>\n

Techteryx Finally Assumes Control Of TrueUSD<\/span><\/h2>\n

Back in December 2020, Techteryx acquired<\/a> ownership of TUSD but hired Archblock to keep maintaining the stablecoin\u2019s operations. <\/span>And for the last two years in which Archblock remained TUSD\u2019s operator, Techteryx claims to have been focusing on expanding the token\u2019s foreign use cases in the global markets.\u00a0<\/span><\/p>\n

Related Reading: BUSD Market Cap Plunge Of 80% Raises Concerns Of Impending Collapse<\/a><\/p>\n

However, Archblock has now commenced the transfer of control yesterday, July 13, marking the end phase of TUSD\u2019s international transition. Upon completion, Techteryx will reportedly assume full management of all aspects of the stablecoin\u2019s operation.<\/span><\/p>\n

These controls will include mining and redemptions, customer onboarding and compliance, conservation of fiat reserve, and maintenance of banking and fiduciary relationships.<\/span><\/p>\n

During the transition period, Archblock will continue to support the US-based TUSD users, with Techteryx stepping in with the necessary guidance and further updates.\u00a0<\/span><\/p>\n

Prior to today’s news, TUSD has attracted some interest especially following Binance’s recent moves with the stablecoin. <\/span>On June 21, the cryptocurrency exchange announced<\/a> the launch of a TUSD zero-maker fee promotion for spot and margin trading pairs beginning from June 30.<\/span><\/p>\n

Interestingly, Binance had minted<\/a> $1 billion worth of TUSD on the Tron network a week before making that announcement becoming the largest holder of the token.<\/span><\/p>\n

Related Reading: Stablecoin Market Share Dwindles As USDC And BUSD Supply Deplete<\/a><\/p>\n

At the time of writing, Ethercscan data<\/a> shows that Binance accounts for over 68% of TUSD’s circulating supply, estimated at $1.92 billion.\u00a0<\/span>With a market cap value of $2.8 billion, TrueUSD currently ranks as the 5th largest stablecoin and 27th largest cryptocurrency, according to data by Coingecko.\u00a0<\/span><\/p>\n

\"Stablecoin\"<\/div>\n
TUSD Valued At $0.99 On The 4-Hour Chart | Source: TUSDUSD Chart On Tradingview.com<\/a><\/pre>\n
The Stablecoin Market In 2023<\/span><\/h2>\n
Stablecoins are considered a vital part of the crypto space, especially due to their constant value, allowing traders and investors to avoid the volatility of the crypto market.\u00a0<\/span><\/p>\n
According to data from DeFi ilLama<\/a>, the stablecoin market has been on the decline all year, with its total market cap shrinking from $137.79 billion on January 1 to its current value of $126.96 billion, accounting for 9.86% of the total crypto market.\u00a0<\/span><\/p>\n
Related Reading: Stablecoin Sharks & Whales Show Strong Accumulation, Good Sign For Bitcoin?<\/a><\/p>\n
Unsurprisingly, Tether USDT (USDT) has remained the leader of the pack, with a market cap of $83.5 billion, with Circle\u2019s USDCoin (USDC) following with a market cap of $27.08 billion.<\/span><\/p>\n
Following the regulatory embargo that halted its issuance in February, Binance USD (BUSD) – with a market cap of 3.99 billion – lost over 75% of its market share, slipping to fourth place behind the DAI stablecoin, which currently boasts a market cap of $4.28 billion.\u00a0<\/span><\/p>\n
Featured Image From Kraken, Chart From Tradingview.<\/div>\n","protected":false},"excerpt":{"rendered":"
Featured Image From Kraken, Chart From Tradingview. In today’s news, the prominent stablecoin TrueUSD – with the ticker TUSD – is now undergoing a management change.\u00a0 According to a thread this morning by the project\u2019s official Twitter handle, Archblock Inc., the current TUSD operator, has begun the transfer of total control of Token to its Asian-based owners, Techteryx Ltd.\u00a0 Techteryx Finally Assumes Control Of TrueUSD Back in December 2020, Techteryx acquired ownership of TUSD but hired Archblock to keep maintaining the stablecoin\u2019s operations. And for the last two years in which Archblock remained TUSD\u2019s operator, Techteryx claims to have been focusing on expanding the token\u2019s foreign use cases in the global markets.\u00a0 Related Reading: BUSD Market Cap Plunge Of 80% Raises Concerns Of Impending Collapse However, Archblock has now commenced the transfer of control yesterday, July 13, marking the end phase of TUSD\u2019s international transition. Upon completion, Techteryx will reportedly assume full management of all aspects of the stablecoin\u2019s operation. These controls will include mining and redemptions, customer onboarding and compliance, conservation of fiat reserve, and maintenance of banking and fiduciary relationships. During the transition period, Archblock will continue to support the US-based TUSD users, with Techteryx stepping in with the necessary guidance and further updates.\u00a0 Prior to today’s news, TUSD has attracted some interest especially following Binance’s recent moves with the stablecoin. On June 21, the cryptocurrency exchange announced the launch of a TUSD zero-maker fee promotion for spot and margin trading pairs beginning from June 30. Interestingly, Binance had minted $1 billion worth of TUSD on the Tron network a week before making that announcement becoming the largest holder of the token. Related Reading: Stablecoin Market Share Dwindles As USDC And BUSD Supply Deplete At the time of writing, Ethercscan data shows that Binance accounts for over 68% of TUSD’s circulating supply, estimated at $1.92 billion.\u00a0With a market cap value of $2.8 billion, TrueUSD currently ranks as the 5th largest stablecoin and 27th largest cryptocurrency, according to data by Coingecko.\u00a0 TUSD Valued At $0.99 On The 4-Hour Chart | Source: TUSDUSD Chart On Tradingview.com The Stablecoin Market In 2023 Stablecoins are considered a vital part of the crypto space, especially due to their constant value, allowing traders and investors to avoid the volatility of the crypto market.\u00a0 According to data from DeFi ilLama, the stablecoin market has been on the decline all year, with its total market cap shrinking from $137.79 billion on January 1 to its current value of $126.96 billion, accounting for 9.86% of the total crypto market.\u00a0 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, with Circle\u2019s USDCoin (USDC) following with a market cap of $27.08 billion. Following the regulatory embargo that halted its issuance in February, Binance USD (BUSD) – with a market cap of 3.99 billion – lost over 75% of its market share, slipping to fourth place behind the DAI stablecoin, which currently boasts a market cap of $4.28 billion.\u00a0 Featured Image From Kraken, Chart From Tradingview.<\/p>\n","protected":false},"author":581,"featured_media":542748,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[88631,11164,14405,14913],"class_list":["post-542747","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-archblock","tag-stablecoin","tag-trueusd","tag-tusd"],"acf":[],"yoast_head":"\nStablecoin TrueUSD To Be Fully Controlled By Asian Owner<\/title>\n<meta name=\"description\" content=\"Archblock Inc., the current TUSD operator, has 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While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency. Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems. In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others. In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies. Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative. Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information. Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets. Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a \u201cmusic nomad\u201d always ready to listen to new artists and explore new trends. Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination. He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society. In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come. His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry. Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.","sameAs":["https:\/\/www.linkedin.com\/in\/semilore-faleti-7a9046218","https:\/\/x.com\/https:\/\/twitter.com\/SemiloreFaleti"],"url":"https:\/\/uniquehot.com\/author\/semilorefaleti\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Stablecoin TrueUSD To Be Fully Controlled By Asian Owner","url":"http:\/\/uniquehot.com\/news\/stablecoin-trueusd-to-be-fully-controlled-by-asian-owner\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/stablecoin-trueusd-to-be-fully-controlled-by-asian-owner\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/07\/NewNetwork_TUSD_TRON_BlogInner.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/07\/NewNetwork_TUSD_TRON_BlogInner.png?fit=1536%2C700"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Semilore Faleti"}],"creator":["Semilore Faleti"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["archblock","stablecoin","trueusd","tusd"],"dateCreated":"2023-07-16T02:00:53Z","datePublished":"2023-07-16T02:00:53Z","dateModified":"2024-06-11T07:53:21Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Stablecoin TrueUSD To Be Fully Controlled By Asian Owner\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/stablecoin-trueusd-to-be-fully-controlled-by-asian-owner\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/stablecoin-trueusd-to-be-fully-controlled-by-asian-owner\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/NewNetwork_TUSD_TRON_BlogInner.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/NewNetwork_TUSD_TRON_BlogInner.png?fit=1536%2C700\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Semilore Faleti\"}],\"creator\":[\"Semilore Faleti\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"archblock\",\"stablecoin\",\"trueusd\",\"tusd\"],\"dateCreated\":\"2023-07-16T02:00:53Z\",\"datePublished\":\"2023-07-16T02:00:53Z\",\"dateModified\":\"2024-06-11T07:53:21Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/07\/NewNetwork_TUSD_TRON_BlogInner.png?fit=1536%2C700","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/542747"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/581"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=542747"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/542747\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/542748"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=542747"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=542747"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=542747"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}