TrueUSD, a prominent USD-backed ERC20 stablecoin, has announced a significant development in its management and operations. In a tweet today, TrueUSD revealed that Techteryx, an Asia-based consortium, will assume full management of all offshore operations and services related to TrueUSD (TUSD) effective July 13, 2023.
The transition of TrueUSD’s ownership and management began in December 2020 when TrueCoin, LLC, a subsidiary of Archblock, Inc., transferred the business ownership of TrueUSD to Techteryx. The move was motivated by Techteryx’s vast global network and significant resources, which are expected to support the growth of the stablecoin and expand its reach into new markets.
While Techteryx focuses on broadening the use cases of TrueUSD in international markets, Archblock’s team has continued to provide support for the stablecoin’s operations and compliance. Archblock has overseen TrueUSD’s banking and fiduciary partnerships since the ownership transfer in late 2020.
TrueUSD’s International Transition
With the commencement of the final stage of TrueUSD’s international transition, Techteryx will take charge of all offshore operations and services. This includes responsibilities such as minting and redemptions, customer onboarding and compliance, as well as fiat reserve management and supervision of banking and fiduciary relationships.
During the transition period, the Archblock team will continue to support existing U.S. users of TrueUSD. Techteryx will also provide the necessary assistance to ensure a smooth handover. Further details regarding this assistance will be communicated by the Archblock team as the transition progresses.
Meanwhile, in an effort to enhance accessibility for both current and future offshore customers of TrueUSD, the development of the TUSD.IO website is underway. Once completed, customers will be able to access their TrueUSD accounts through this platform. TrueUSD assures its community that they will be kept updated on any further developments.
TrueUSD is renowned for being a USD-backed stablecoin that offers token holders legal protection, full collateralization, and transparent verification through third-party attestations. By utilizing multiple escrow accounts, TrueUSD reduces counterparty risk and provides added security against misappropriation.
The stablecoin is the first asset token built on the TrustToken platform. Its dollar holdings are distributed across various bank accounts held by different trust companies. To ensure transparency and maintain trust, all parties involved in TrueUSD’s operations have committed to conducting monthly audits and publishing collateralized holdings.
As Techteryx assumes full management of TrueUSD’s offshore operations and services, it is expected that the stablecoin will further solidify its position in the global market and continue to offer a reliable and secure option for users seeking stability in the volatile cryptocurrency landscape.
