TrueUSD (TUSD), a prominent stablecoin, is undergoing a management change as Techteryx Ltd. assumes full control from Archblock Inc. Techteryx had acquired ownership of TUSD in December 2020 but had hired Archblock to manage its operations. After focusing on expanding TUSD's use cases globally, Archblock has now initiated the transfer of control. Techteryx will manage all aspects of TUSD, including mining, redemptions, customer onboarding, and compliance. During the transition, Archblock will continue to support US-based users while receiving guidance from Techteryx.
Binance's recent involvement with TUSD has generated interest in the stablecoin. Binance announced a zero-maker fee promotion for TUSD spot and margin trading pairs and became the largest holder of TUSD after minting $1 billion worth of the token on the Tron network. Currently, Binance accounts for over 68% of TUSD's circulating supply.
In the stablecoin market, TUSD holds the fifth-largest market cap of $2.8 billion and ranks 27th among all cryptocurrencies. However, the stablecoin market has experienced a decline in 2023, with the total market cap shrinking from $137.79 billion to $126.96 billion. Tether (USDT) remains the market leader with a market cap of $83.5 billion, followed by USDCoin (USDC) with $27.08 billion. Binance USD (BUSD) lost market share due to regulatory restrictions, falling to fourth place behind DAI stablecoin.
Stablecoins play a crucial role in the crypto space by providing stability amidst market volatility. While the stablecoin market has contracted, TUSD's management change and Binance's involvement demonstrate ongoing developments within the industry.
