TrueUSD claims no exposure to Prime Trust issues.

On June 22, TrueUSD announced on Twitter that its TUSD stablecoin had no exposure to Prime Trust, which is reportedly facing regulatory challenges. Prime Trust, a Nevada-based technology-driven trust company that provides a range of services to digital asset companies, reportedly halted all fiat and cryptocurrency deposits and withdrawals following an order from state financial regulators, leaving numerous clients with their funds effectively stranded due to the sudden disruption.

TrueUSD emphasized that it had diversified its partnerships and maintained multiple USD rails elsewhere, assuring its users that all their funds were safe with TUSD. In the early hours of June 10, TUSD experienced a deviation from its dollar peg due to a temporary halt in minting activities facilitated by Prime Trust, which is TUSD’s technology partner. The disruption caused TUSD’s value to drop to its lowest point at $0.9964, as reported by CoinMarketCap. However, TrueUSD said it addressed the situation and assured its users that while the minting process through Prime Trust was temporarily paused, other banking partnerships for TUSD minting and redemption services remained unaffected. At the time of publication, TUSD is trading at $1, with an estimated market cap of $3.1 billion, data from CoinMarketCap confirmed.

This is related to BitGo terminating the acquisition of Prime Trust.

Bitcoin is on a collision course with ‘Net Zero’ promises, according to a magazine.

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