{"id":54507,"date":"2023-07-14T09:45:49","date_gmt":"2023-07-14T13:45:49","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=54507"},"modified":"2023-07-14T09:46:48","modified_gmt":"2023-07-14T13:46:48","slug":"techteryx-gains-full-control-of-trueusd","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/techteryx-gains-full-control-of-trueusd\/","title":{"rendered":"Techteryx Gains Full Control of TrueUSD"},"content":{"rendered":"\n

Techteryx, the stablecoin TrueUSD (TUSD)<\/a> owner, has announced that it is taking full control of its operation more than two and a half years after acquiring it from crypto firm ArchBlock.<\/p>\n\n\n\n

\"Techteryx<\/figure>\n\n\n\n

Techteryx will now handle all offshore operations and services related to TUSD, including minting, redemption, compliance, and banking.<\/p>\n\n\n\n

TrueUSD is a stablecoin that aims to maintain a one-to-one peg with the US dollar<\/a>, backed by a reserve of cash and cash-equivalent assets. <\/p>\n\n\n\n

The stablecoin is the world\u2019s fifth-largest stablecoin,\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> with a market capitalization of just over $2.8 billion.<\/strong> <\/p>\n\n\n\n

It is widely used by traders as a way of transferring funds between exchanges and as a safe haven from price volatility.<\/p>\n\n\n\n

Techteryx, a British Virgin Islands-incorporated firm, bought the rights to TrueUSD from ArchBlock in December 2020. <\/p>\n\n\n\n

However, ArchBlock continued to manage the operations of TrueUSD on behalf of Techteryx until July 13, 2023,<\/strong> when Techteryx assumed full management of the stablecoin.<\/p>\n\n\n\n

\n

1\/\ud83d\udde3\ufe0f#TrueUSD<\/use><\/svg><\/span><\/a> Announcement:

In December 2020, TrueCoin, LLC (a subsidiary of Archblock, Inc.) transferred the business ownership of TrueUSD (\u201cTUSD\u201d) to Techteryx, an Asia-based consortium.<\/p>— TrueUSD (@tusdio) July 14, 2023<\/use><\/svg><\/span><\/a><\/blockquote>

The Deal Between TrueUSD and Techteryx<\/h3>\n\n\n\n

Techteryx did not disclose the reason for taking over TrueUSD, but it may be related to the growing popularity and circulation of the stablecoin since signing a lucrative deal with the crypto exchange Binance in March 2023. <\/p>\n\n\n\n

Binance made TrueUSD<\/use><\/svg><\/span><\/a> the only stablecoin that does not carry the Binance brand, where traders do not have to pay a fee when swapping between cryptocurrencies on the world\u2019s largest exchange.<\/p>\n\n\n\n

Techteryx's acquisition of TrueUSD entails the responsibility of safeguarding the security, transparency, and compliance of the stablecoin. <\/p>\n\n\n\n

This includes addressing potential regulatory and legal hurdles that may emerge across various jurisdictions. <\/p>\n\n\n\n

Techteryx has expressed its commitment to collaborating with audits and investigations pertaining to TrueUSD.<\/p>\n","protected":false},"excerpt":{"rendered":"

Techteryx, the stablecoin TrueUSD (TUSD) owner, has announced that it is taking full control of its operation more than two and a half years after acquiring it from crypto firm ArchBlock. Techteryx will now handle all offshore operations and services related to TUSD, including minting, redemption, compliance, and banking. TrueUSD is a stablecoin that aims […]<\/p>\n","protected":false},"author":44,"featured_media":54512,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[15004,1531,15268],"class_list":["post-54507","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-tusd","tag-stablecoin","tag-techteryx"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/07\/tusd.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/54507","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\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=54507"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/54507\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/54512"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=54507"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=54507"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=54507"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}