TrueUSD hired former FTX accounting team to conduct proof-of-reserves

Former members of the now-defunct FTX.US accounting team, now operating as The Network Firm, have conducted the attestation of TrueUSD's proof-of-reserves (PoR) as the stablecoin seeks to regain stability following a brief de-pegging incident.

Timeline of Trueusd

While TrueUSD (TUSD) denies its exposure to crypto custodian Prime Trust, it has depegged for the second time this month. Prime Trust was placed into receivership on Tuesday after rival BitGo called off its bid to acquire Prime Trust.

Traders are attempting to short the TUSD stablecoin amidst reports of the stablecoin issuer's connection with crypto custodian Prime Trust. The TrueUSD issuer has stated that it does not have any exposure to Prime Trust, having announced earlier in the month that it had stopped mints and redemptions through the crypto custodian.

Recently, a trader has made a strategic move by opening an on-chain short position on TrueUSD (TUSD), a stablecoin. This decision came after the issuer faced challenges with its banking partner, Prime Trust, which led to the suspension of mints and redemptions.

TrueUSD has swiftly moved to restore confidence in its dollar-backed TUSD stablecoin after Nevada-based Prime Trust, a crucial technology partner, faced regulatory hurdles. Prime Trust's abrupt suspension of all fiat and cryptocurrency deposits and withdrawals, following state financial regulators' orders, left many clients stranded and concerned about their funds.

Binance has announced a new zero-fee promotion for TrueUSD (TUSD) trading pairs. However, this strategic move, scheduled to commence on June 30, 2023, is predicted to stimulate the crypto-market dynamics by extending its feeless trading opportunity to a wider audience.

On June 16, TUSD supply surged by 52%! The difficulties the dollar-pegged token economy was facing were recently brought to light when significant redemptions caused its market valuation to drop to a 20-month low.

The TrueUSD (TUSD) stablecoin has temporarily paused its automated attestations due to possible balance discrepancies. The stablecoin project also encountered some glitches last week.

Despite the decline in stablecoins due to substantial redemptions, particularly from projects like USDC, DAI, and BUSD, the project TUSD has experienced a notable surge in its supply. TUSD has added more than a billion dollars' worth of tokens to its existing supply.

Hong Kong's Financial Secretary confirmed that the country's digital initiative Cyberport has attracted over 150 web3 firms. Cyberport is managed by the wholly owned subsidiary of the Hong Kong SAR Government.

Key Points: Famous crypto player Justin Sun has announced he will donate 10,000 TUSD to crypto detective ZachXBT as he faces a defamation lawsuit. An hour ago, Justin Sun, founder of TRON and a Huobi's Global Advisory Committee member, announced on Twitter that he would be donating 10,000 TUSD to ZachXBT.