TUSD Emerges Strong: 1 Billion Injection Bolsters Supply Amidst Declining Stablecoin Market

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.

Timeline of Trueusd

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.

In recent updates, the TrueUSD (TUSD) team has announced that they are actively engaged in efforts to resume TUSD minting on Prime Trust. This announcement was made following an unexpected pause in TUSD minting via Prime Trust, an event that took place on June 10.

TrueUSD (TUSD) has regained parity with the U.S. dollar. The stablecoin lost true parity with the US Dollar on June 10 amid mounting community concerns over its minting and redemption activities.

TrueUSD, the prominent stablecoin, has made the unexpected decision to suspend its token creation via Prime Trust, leading to speculation and uncertainty within the industry. While the move has raised questions, TrueUSD has reassured users that it maintains strong relationships with other banking counterparts, ensuring uninterrupted transactions.

In a surprising move, TrueUSD (TUSD), the major issuer of the popular stablecoin, has temporarily suspended the minting of TUSD tokens through its long-standing partner, Prime Trust. The decision, effective immediately, has left market participants speculating about the reasons behind this unexpected development.

TrueUSD (TUSD), the fifth-largest cryptocurrency by market capitalization, briefly lost its peg earlier today. Peckshield Alert shared a TUSD chart that showed the moment TUSD deviated from its dollar parity and printed a long red candlewick.

The world's largest crypto exchange Binance witnessed massive liquidation on Saturday after the US Securities and Exchange Commission (SEC) brought 13 charges against the exchange and CEO Changpeng “CZ” Zhao earlier this week. However, troubles for Binance continue to rise as TrueUSD (TUSD) minting via crypto custodian Prime Trust is paused.