{"id":52913,"date":"2023-06-22T15:49:51","date_gmt":"2023-06-22T19:49:51","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=52913"},"modified":"2023-06-22T15:51:56","modified_gmt":"2023-06-22T19:51:56","slug":"trueusd-assures-clients-regarding-prime-trust","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/trueusd-assures-clients-regarding-prime-trust\/","title":{"rendered":"TrueUSD Assures Clients Regarding Prime Trust"},"content":{"rendered":"\n

TrueUSD asserted on Twitter that its TUSD stablecoin <\/a>had “no exposure” to troubled Prime Trust, reportedly confronting regulatory problems.<\/p>\n\n\n\n

\"\"
TrueUSD Assures Clients Regarding Prime Trust<\/figcaption><\/figure>\n\n\n\n

Based in Nevada, Prime Trust reportedly ceased all fiat and cryptocurrency deposits and withdrawals in response to state financial regulators' orders. As a result of the abrupt disruption, several customers now find themselves in a predicament, with their funds effectively stranded.<\/p>\n\n\n\n

TrueUSD promptly proclaimed, in light of recent events, that “it is not affected by the situation” at Prime Trust. TrueUSD emphasized the diversification of its partnerships and the maintenance of “multiple USD rails” elsewhere. The public notice stated:<\/p>\n\n\n\n

\n
\n
\n

\u201cPrimeTrust has suspended all deposits of fiat and digital assets. #TrueUSD (#TUSD) is not affected by this situation. We have no exposure to Prime Trust and maintain multiple USD rails for minting and redemption. Rest assured, all your funds are safe with TUSD.\u201d<\/p>\n<\/blockquote>\n<\/div>\n<\/div>\n\n\n\n

Prime Trust is a technology-driven trust corporation providing various services to digital asset companies. It gives token and fiat custody, funds processing, compliance with Anti-Money Laundering and Know Your Customer regulations, and transaction technology solutions. The company serves a crucial role in supporting the ecosystem of cryptocurrencies.\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a><\/p>\n\n\n\n

TUSD deviated from its dollar peg in the early hours of June 10 due to a temporary halt in minting activities facilitated by Prime Trust, TUSD's technology partner. According to reports, the disruption caused TUSD's value to fall to its lowest point of $0.9964.<\/p>\n\n\n\n

TrueUSD responded by assuring its users that, despite the temporary suspension of the minting process through Prime Trust, other banking partnerships for TUSD minting and redemption services remained unaffected. According to data, TUSD is trading at $1 with an estimated market valuation of $3.1 billion at publication.<\/p>\n","protected":false},"excerpt":{"rendered":"

TrueUSD asserted on Twitter that its TUSD stablecoin had “no exposure” to troubled Prime Trust, reportedly confronting regulatory problems. Based in Nevada, Prime Trust reportedly ceased all fiat and cryptocurrency deposits and withdrawals in response to state financial regulators’ orders. As a result of the abrupt disruption, several customers now find themselves in a predicament, […]<\/p>\n","protected":false},"author":53,"featured_media":52916,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[130,21],"tags":[6747,14994],"class_list":["post-52913","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-news","tag-blockchain-technology-2","tag-trueusd-bitcoin"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/06\/stable.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/52913","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/53"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=52913"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/52913\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/52916"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=52913"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=52913"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=52913"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}