/cdn.vox-cdn.com/uploads/chorus_asset/file/24016885/STK093_Google_04.jpg)
/cdn.vox-cdn.com/uploads/chorus_asset/file/24808816/Starfield__The_Settled_Systems___Supra_Et_Ultra_____Starfield__The_Settled_Systems___Supra_Et_Ultra_2023_7_25_94252.263_1440p_streamshot.png)
Featured image from Kraken, chart from TradingView.
In today’s news, leading stablecoin TrueUSD – with ticker TUSD – is now undergoing a management change. according to a thread this morning Through the project’s official Twitter handle, current TUSD operator ArcBlock Inc. has begun the transfer of total control of the token to its Asian-based owner, Techterix Ltd.
Techteryx finally takes control of TrueUSD
Back in December 2020, Techteryx acquired Owned by TUSD but hired ArchBlock to maintain operations of the stablecoin. And for the past two years, in which ArchBlock has remained the operator of TUSD, Techteryx claims it has been focused on expanding the token’s overseas use cases in global markets.
Related Reading: 80% Drop in Business Market Cap Raises Worries of Imminent Collapse
However, ArchBlock has now started the transfer of control yesterday, July 13, marking the final phase of TUSD’s international transition. Upon completion, Techteryx will reportedly assume full management of all aspects of the stablecoin’s operations.
These controls will include mining and redemption, customer onboarding and compliance, protection of fiat reserves, and maintenance of banking and fiduciary relationships.
During the transition period, ArcBlock will continue to support US-based TUSD users, with Techterix coming forward with necessary guidance and further updates.
Prior to today’s news, TUSD has attracted some interest, especially following Binance’s recent moves with the stablecoin. June 21st cryptocurrency exchange announced Launch of TUSD zero-maker fee promotion for spot and margin trading pairs from June 30.
Interestingly, Binance was cast There was $1 billion worth of TUSD on the Tron network a week before the announcement of becoming the largest holder of the token.
Related Reading: Stablecoin Market Share Decreases as USDC and BUSD Supply Decrease
at the time of writing, etherscan data Shows that Binance holds over 68% of the circulating supply of TUSD, which is estimated at $1.92 billion. With a market capitalization value of $2.8 billion, TrueUSD currently ranks as the 5th largest stablecoin and the 27th largest cryptocurrency according to data from CoinGecko.
TUSD Valued At $0.99 On The 4-Hour Chart | Source: TUSDUSD Chart On Tradingview.com
stablecoin market in 2023
Stable coins are considered an important part of the crypto sector, especially because of their constant value, allowing traders and investors to avoid the volatility of the crypto market.
According to Data from DeFi IllamaThe stablecoin market has been in decline throughout the year, with its total market capitalization falling from $137.79 billion on January 1 to the current value of $126.96 billion, which is 9.86% of the total crypto market.
Related Reading: Stablecoin Sharks and Whales Show Strong Accumulation, Good Sign for Bitcoin?
Unsurprisingly, tether USDT (USDT) continues to be the leader of the pack with a market cap of $83.5 billion, followed by Circle’s USDCoin (USDC) with a market cap of $27.08 billion.
Binance USD (BUSD) – with a market cap of $3.99 billion – lost more than 75% of its market share following a regulatory ban that halted its launch in February, slipping to fourth place behind the DAI stablecoin. Gaya, which currently boasts of a market capitalization of $4.28 billion.
Featured image from Kraken, chart from TradingView.
