TrueUSD maintains it has no exposure to Prime Trust despite community claims
Adam Cochran questioned if TUSD minting and redemption is still available - the company states services remain open via other rails.
Prime Trust was forced to suspend all deposits of fiat and digital assets by Nevada financial regulators on June 21 because it failed to safeguard assets under its custody and could not fulfill client withdrawals.
“This means that alternative TUSD minting and redemption processes are live and available on these USD rails.”
Contradictory TUSD emails
Probing the situation, Adam Cochran, a partner at Cinneamhain Ventures, called on market makers and OTC operators for feedback on whether they can mint or redeem TUSD. Cochran offered a $1,000 bounty to incentivize a response.
Joining Cochran’s thread, a TUSD user shared screenshots of an email from TUSD informing of a suspension of minting and redemption services following the Prime trust saga.
When pressed about the new rails, the firm asked Cochran to email its support team.
TUSD did not respond to CryptoSlate’s request for comment as of press time.
Curve pool imbalance
Meanwhile, the TUSD has become imbalanced on Curve Pool – now accounting for nearly 62% of the $7.5 million reserves – with crypto traders showing a preference for other stablecoins, such as DAI, USDC, and USDT.
Furthermore. the stablecoin has slightly deviated from its dollar peg, trading at $0.9996 as of press time, according to CoinMarketCap data.