Stablecoin Operator Shifts TrueUSD Control to Offshore Owner
- TrueUSD owner Techteryx to have control of reserves, bank ties
- Stablecoin circulation has spread widely since Binance deal
TrueUSD (TUSD)
Photographer: Rafael Henrique/SOPA Images/LightRocket/Getty Images)
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TrueUSD, a relatively obscure stablecoin that’s been gaining in popularity since signing a lucrative deal with crypto exchange Binance Holdings Ltd. earlier this year, will be fully controlled by its owners after a management deal ended.
The $2.8 billion stablecoin — also known by its ticker TUSD — will be managed as of Friday by Techteryx Ltd., according to a series of posts on the project’s Twitter account. While Techteryx bought the rights to TUSD from stablecoin operator Archblock in late 2020, it had continued to employ Archblock to run the project on its behalf until now.