• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: Is The Approval Of Crypto ETFs At Risk? SEC Operations Frozen By Gov. Shutdown
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: Is The Approval Of Crypto ETFs At Risk? SEC Operations Frozen By Gov. Shutdown
crypto news TUSD

Biggest Risk For Crypto? Full Control Of TUSD Shifts To Offshore Owner

Jake Simmons
by Jake Simmons
2 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In the ever-evolving crypto space, stability is a coveted virtue, and stablecoins have played a pivotal role over the past. Yet, a storm could be brewing, casting a shadow of uncertainty over the entire crypto market.

Techteryx Takes Full Charge Over TUSD

Today, the official Twitter account of TUSD an announced that, “effective July 13, 2023, the final stage of TUSD’s international transition will commence and Techteryx will assume full management of all offshore operations and services related to TUSD, including minting and redemptions […] Plus customer onboarding and compliance, as well as fiat reserve and supervision of all banking and fiduciary relationships.”

1/🗣️#TrueUSD Announcement:

In December 2020, TrueCoin, LLC (a subsidiary of Archblock, Inc.) transferred the business ownership of TrueUSD (“TUSD”) to Techteryx, an Asia-based consortium.

— TrueUSD (@tusdio) July 14, 2023

The completion of this transfer of power, coupled with the lack of transparency and information surrounding Techteryx, are raising red flags, as the renowned research firm Kaiko stated yesterday:

While Circle has made huge efforts to improve USDC transparency (and even Tether has made some efforts over the past year), the relatively unknown TUSD is today posing the biggest risk, offering the least information about its reserves or corporate structure.

As stablecoins are systemically important in crypto markets, any disturbance in their peg or instability can trigger mass market contagion. The volatility of stablecoins such as TUSD, USDT, BUSD, and USDC has sent shockwaves through the crypto ecosystem in 2023.

crypto stablecoin prices TUSD USDT BUSD
Stablecoin prices in 2023 | Source: Kaiko

Risks For The Crypto Market

However, TUSD’s offshore transition amplifies the magnitude of this risk, especially with regards to the growing market share due to Binance. “While TUSD is not yet a systemically important stablecoin, Binance is an extremely influential exchange, so any activity on it should be scrutinized,” says Kaiko.

Related Reading: TUSD Depegs Amid Doubts On 100% Backing, New Crypto Drama Unfolding?

The lack of clarity surrounding TUSD’s reserves and corporate structure adds to the already mounting concerns. Kaiko warns, “While upcoming regulation in the European region puts pressure on stablecoins to clean up their governance, there is still a long way to go.” The European Banking Authority’s call for stablecoin issuers to comply with the upcoming MiCA regulation further underscores the urgency to address these transparency issues.

Tether’s market share has long been unrivaled. However, the unexpected rise of TUSD has shaken the status quo. Within a short span of three months, TUSD’s market share climbed from less than 1% to a staggering 19%. Binance’s support, particularly through its zero-fee BTC-TUSD pair, played a pivotal role in this meteoric ascent.

Nonetheless, the sudden prominence of TUSD raises a critical question: What are the risks for the crypto market associated with a stablecoin that lacks transparency?

Related Reading: Celsius Founder Alex Mashinsky Pleads Not Guilty, Granted Bail

Remarkably, the concerns about TUSD are not new. As Bitcoinist reported, TUSD saw a wave of criticism due to doubts about its stability following concerns over its custodian, PrimeTrust. Adam Cochran, a partner at Cinneamhain Ventures, pointed out several red flags surrounding TrueUSD.

Among them: The auditor responsible for certifying Prime Trust’s USD audits is the same person involved in the FTX scandal. TUSD’s chain oracle, which verifies reserves, consists of only 17 nodes from a single source.

Crypto Market Rallies

With Ripple’s victory against the SEC, the overall crypto market cap has surged, with yearly highs continuing to act as upside resistance.

total crypto market cap
Total crypto market cap, 1-day chart | Source: TOTAL on TradingView.com
Featured image from Daniel Lerman / Unsplash, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Jake Simmons

Jake Simmons

Follow

Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

Full Profile

Related Posts

3 Next Crypto to Explode as Morgan Stanley Issues 'Huge' Crypto Guidelines

Morgan Stanley Turns Cautiously Bullish – 3 Cryptos Poised to Explode Next

1 hour ago
Bitcoin Hyper Raises $1M in a Week – Could It Be the Next 1000x Crypto?

Bitcoin Hyper Raises $1M in a Week – Could It Be the Next 1000x Crypto?

2 hours ago
Best Crypto to Buy After Grok's Explosive Bitcoin Price Prediction

Best Crypto to Buy After Grok’s Explosive Bitcoin Price Prediction

3 hours ago
Solana is ‘The New Wall Street’ Says Bitwise Exec, as Snorter Token’s Presale Explodes.

Solana is ‘The New Wall Street’ Says Bitwise Exec, as Snorter Token’s Presale Explodes

3 hours ago
Next Crypto to Explode Live News Today: Timely Insights for Chart Sniffers (October 6)

Next Crypto to Explode Live News Today: Timely Insights for Chart Sniffers (October 6)

1 hour ago
Bitcoin Hyper ($HYPER) Live News Today: Latest Insights for Bitcoin Maxis (October 6)

Bitcoin Hyper ($HYPER) Live News Today: Latest Insights for Bitcoin Maxis (October 6)

1 hour ago

Premium Sponsors

Press Releases

  • The Quiet Market Shift Investors Might Be Missing: How Tapzi Is Challenging Institutional Favorites

    The Quiet Market Shift Investors Might Be Missing: How...

    3 days ago
  • Investors Search for Long-Term Upside in This Under-$0.01 Crypto of 2025 Tapzi

    Investors Search for Long-Term Upside in This Under-$0.01...

    3 days ago
  • MoonBull Presale Explodes with over 11,800% Projected ROI as Uptober Sends the Market Soaring

    MoonBull Presale Explodes with over 11,800% Projected ROI...

    3 days ago
  • 狗狗幣引領『Uptober』Meme...

    3 days ago
  • ตัวละคร Snorter ขนฟูโต้คลื่นบนเซิร์ฟบอร์ดสีชมพู

    จับตา Uptober!...

    4 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.