TrueUSD maintains it has no exposure to Prime Trust despite community claims
TrueUSD (TUSD) mentioned in June 22 document Twitter post It is said to be unaffected by the problems facing cryptocurrency custodian Prime Trust.
Prime Trust was forced to suspend all fiat and digital asset deposits by Nevada financial regulators on June 21 after failing to protect assets under its control and failing to meet customer withdrawals.
As a result, stablecoin company Stable has temporarily suspended the minting and redemption of Stable USD (USDS) on four blockchain networks.
TUSD Said The company maintains multiple U.S. dollar rails for minting and redeeming stablecoins, reiterating that it had no exposure to beleaguered cryptocurrency custodians.office Added:
“This means that alternative TUSD minting and redemption processes will run and be available on these USD rails.”
Inconsistent TUSD emails
Examining the situation Adam CochranePartners at Cinneamhain Ventures have asked market makers and OTC operators for their feedback on whether TUSD can be minted and redeemed. Cochrane suggested: $1,000 A bounty to encourage a response.
Join Cochran’s thread of TUSD users shared screenshot An email from TUSD announcing the suspension of minting and redemption services following the Prime Trust scandal.
TUSD said The company has suspended minting through Prime Trust for more than 10 days, adding that it also maintains other payment rails with new banking partners.
When asked about the new rails, the company asked Cochrane to send an email to the support team.
TUSD did not respond of crypto slate Requests for comment at press time.
Curve pool imbalance
On the other hand, TUSD is unbalanced. curve pool – Currently accounting for almost 62% of the $7.5 million reserves, crypto traders tend to favor other stablecoins such as DAI, USDC and USDT.
moreover. According to CoinMarketCap, the stablecoin has deviated slightly from the dollar peg, trading at $0.9996 at the time of writing. data.
TrueUSD claims it has not been exposed to Prime Trust, despite community claims first appearing on CryptoSlate.
