TrueUSD assures users it has no exposure to troubled Prime Trust

TrueUSD Declares No Association with Prime Trust

On June 22, TrueUSD declared on Twitter that its TUSD stablecoin had “no association” with the embattled Prime Trust, which is reportedly experiencing regulatory issues.

In response to a directive from state financial authorities, Nevada-based Prime Trust reportedly ceased all deposits and withdrawals involving fiat currency and digital currency without warning. This unexpected interruption has left many customers in a difficult situation, unable to access their funds.

In response to the recent news, TrueUSD declared that they are not impacted by the situation at Prime Trust. TrueUSD highlighted that they have diversified their partnerships and possess “multiple USD rails” in other locations. The statement read:

Prime Trust is a technology-driven trust firm that offers a variety of services to digital asset businesses. It provides token and fiat custody, funds processing, Anti-Money Laundering compliance and Know Your Customer regulations, as well as transaction technology solutions. The company is essential in bolstering the cryptocurrency ecosystem.

TUSD Experiences Fluctuation and Recovers

BitGo has ended its purchase of Prime Trust.

At the beginning of June 10th, TUSD experienced a fluctuation from its dollar peg because of a temporary suspension of minting activities conducted by Prime Trust, the technology partner of TUSD. This interruption caused the value of TUSD to drop to its lowest rate of $0.9964, as reported by CoinMarketCap.

TrueUSD declared that they had taken care of the circumstance, guaranteeing their clients that while the minting process through Prime Trust was briefly suspended, other banking associations for TUSD minting and redemption administrations were still unaltered. As of the writing, TUSD is exchanging at $1, with a evaluated market top of $3.1 billion, as affirmed by CoinMarketCap.

Bitcoin is heading towards a potential realization of ‘Net Zero’ promises.

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