Binance backed TUSD stablecoin briefly depegs after this news tusdio TrueUSD $TUSD TUSD
that TUSD mints via Prime Trust are paused until further notice. It adds that TUSD minting and redemption services remain unaffected and will continue to operate as usual as long as its partnership with other banking institutions remains intact.
TUSD announced its minting via Prime Trust are paused for further notification. TUSD is currently supported by JustinSun and Binance. TUSD said its minting and redemption services remain unaffected its partnerships with other banking institutions remain intact.…Likewise, the ability to mint and redeem TUSD tokens will not be impacted by these changes.its partnership with professional trust companies, including Alliance Trust Company of Nevada and Prime Trust, to manage the escrow accounts that hold the TrueUSD collateral.
TrueUSD saw immense growth in the earlier part of the year after Binance's BUSD stablecoin saw a regulatory crackdown in the U.S. In late February, Binance minted $130 million worth of TUSD within a week.Prime Trust has recently been the subject of discussion, with some online speculation suggesting that the firm might be facing insolvency.
This might have informed the move by TrueUSD to suspend TUSD mints via the company. According to recent reports, cryptocurrency custody firm BitGo has reached a preliminary agreement to buy Prime Trust. discloses that BitGo has signed a non-binding term sheet to acquire 100% of the equity of Prime Core Technologies, Inc., the parent company of Prime Trust.
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