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TrueUSD’s (TUSD) circulating provide has greater than doubled within the final two weeks, reaching over 2 billion tokens on March 13.
TUSD’s whole provide is 2.073 billion as of press time, in response to CryptoSlate’s information.
Through the interval, the little-known stablecoin has additionally grown to develop into the second-largest stablecoin by circulating provide and switch quantity on the Tron blockchain.
TUSD’s rise coincides with rival troubles
TUSD’s rise has coincided with current troubles affecting stablecoin rivals and their banking companions.
Binance USD (BUSD) troubles started in February when regulators ordered its issuer Paxos to cease different mints. On the time, Binance CEO Changpeng ‘CZ’ Zhao mentioned the change would assist different stablecoins within the ecosystem following BUSD’s decline.
True to his phrase, the change minted practically 50 million TUSD tokens and added new buying and selling pairs for the stablecoin.
Blockchain analytical agency Santiment famous that TUSD’s adoption reached a brand new excessive as its provide on exchanges reached 73% for the primary time since June 2021.
In the meantime, the collapse of crypto-friendly banks like Silicon Valley Financial institution alongside Silvergate and Signature Financial institution affected confidence in USD Coin’s (USDC) reserve. Its issuer Circle mentioned it held a part of the stablecoin’s reserve on the failed SVB.
TUSD has publicity to Signature Financial institution
TrueCoin mentioned it had paused TUSD minting and redemption for a number of of its Signature Financial institution customers. The TUSD issuer mentioned a few of its fiat U.S. Greenback funds had been held on the embattled Signature Financial institution.
TUSD’s reserves confirmed that it held $852.27 million at Signature Financial institution. Different banks holding TUSD’s reserves embody Prime Belief, First Digital, Capital Union, Guide, and BitGo.
U.S. regulators took management of the financial institution on March 12. The New York State Division of Monetary Providers appointed the FDIC as its receiver. FDIC has transferred all Signature’s deposits and property to the brand new full-service financial institution it created, Signature Bridge Financial institution.
In keeping with TUSD, it’s in direct contact with affected customers. The stablecoin agency added that its different banking networks had been totally operational, assuring customers that minting and redemptions proceed.
