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 to maintain a one-to-one peg with the US dollar, backed by a reserve of cash and cash-equivalent assets.
The stablecoin is the world’s fifth-largest stablecoin, with a market capitalization of just over $2.8 billion.
It is widely used by traders as a way of transferring funds between exchanges and as a safe haven from price volatility.
Techteryx, a British Virgin Islands-incorporated firm, bought the rights to TrueUSD from ArchBlock in December 2020.
However, ArchBlock continued to manage the operations of TrueUSD on behalf of Techteryx until July 13, 2023, when Techteryx assumed full management of the stablecoin.
The Deal Between TrueUSD and Techteryx
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.
Binance made TrueUSD 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’s largest exchange.
Techteryx’s acquisition of TrueUSD entails the responsibility of safeguarding the security, transparency, and compliance of the stablecoin.
This includes addressing potential regulatory and legal hurdles that may emerge across various jurisdictions.
Techteryx has expressed its commitment to collaborating with audits and investigations pertaining to TrueUSD.
