1H
-0.18%$0.0018
24H
-0.12%$0.0012
7D
-0.08%$0.0008
30D
-0.19%$0.0019
The proposal suggests reducing TUSD’s collateral backing to zero, effectively ending its support for crvUSD if approved.
By announcing ahead of time, Binance hopes that it has given users the needed opportunity to adjust their positions and trading strategies accordingly.
Uphold’s announcement follows similar actions from other popular exchanges, including Binance, Kraken, OKX, and others.
The TrueUSD stablecoin is natively available on four chains – Ethereum, BSC, Tron, and Avalanche – with all others available in wrapped versions.
The significant outflow could be attributed to TrueUSD’s January 10 report, where the company informed users about a full upgrade to their fiat reserve audit system in collaboration with the Hong Kong-based accounting firm MooreHK.
TrueUSD, part of the TrustToken asset tokenization platform, is a blockchain-based stablecoin that, although similar to USDT, seems to be a direct response to the problems observed in Tether throughout recent times. In the TrueUSD system, U.S Dollars are held in the bank accounts of multiple trust companies that have signed escrow agreements, rather than in a bank account controlled by a single company. According to TrueUSD, the contents of said bank accounts are published every day and are subject to monthly audits. This method of storing USD ensures that the user can have greater trust in TrueUSD as the collateralized holdings are not centralized in any one entity, but instead distributed throughout many fiduciary partners. TrueUSD is regulated, exchange-independent stablecoin backed 1-for-1 with US Dollars. TrueUSD offers token-holders full collateral, regular attestations of escrowed balances, and legal protections against misappropriation of underlying USD.
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