TUSD’s supply crosses $2B amid banking woes for stablecoin rivals TUSD’s supply crosses $2B amid banking woes for stablecoin rivals
TrueUSD (TUSD) holds $852.27 million at the embattled Signature Bank, according to its real-time reserves data.
2 min read
Updated: Mar. 13, 2023 at 1:12 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
TrueUSD’s (TUSD) circulating supply has more than doubled in the last two weeks, reaching over 2 billion tokens on March 13.
TUSD’s total supply is 2.073 billion as of press time, according to CryptoSlate’s data.
During the period, the little-known stablecoin has also grown to become the second-largest stablecoin by circulating supply and transfer volume on the Tron blockchain.
TUSD’s rise coincides with rival troubles
TUSD’s rise has coincided with recent troubles affecting stablecoin rivals and their banking partners.
Binance USD (BUSD) troubles began in February when regulators ordered its issuer Paxos to stop other mints. At the time, Binance CEO Changpeng ‘CZ’ Zhao said the exchange would support other stablecoins in the ecosystem following BUSD’s decline.
True to his word, the exchange minted nearly 50 million TUSD tokens and added new trading pairs for the stablecoin.
Blockchain analytical firm Santiment noted that TUSD’s adoption reached a new high as its supply on exchanges reached 73% for the first time since June 2021.
Meanwhile, the collapse of crypto-friendly banks like Silicon Valley Bank alongside Silvergate and Signature Bank affected confidence in USD Coin’s (USDC) reserve. Its issuer Circle said it held part of the stablecoin’s reserve at the failed SVB.
TUSD has exposure to Signature Bank
TrueCoin said it had paused TUSD minting and redemption for several of its Signature Bank users. The TUSD issuer said some of its fiat U.S. Dollar funds were held at the embattled Signature Bank.
TUSD’s reserves showed that it held $852.27 million at Signature Bank. Other banks holding TUSD’s reserves include Prime Trust, First Digital, Capital Union, Manual, and BitGo.
U.S. regulators took control of the bank on March 12. The New York State Department of Financial Services appointed the FDIC as its receiver. FDIC has transferred all Signature’s deposits and assets to the new full-service bank it created, Signature Bridge Bank.
According to TUSD, it is in direct contact with affected users. The stablecoin firm added that its other banking networks were fully operational, assuring users that minting and redemptions continue.
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Posted In: Stablecoins
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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TrueUSD, a USD-backed stablecoin you can exchange and trust.
Binance USD
$1.00149
BUSD is a stablecoin issued by Paxos in partnership with Binance..
USD Coin
$0.99992
USD Coin (USDC) is a stablecoin fully backed by the US dollar and developed by the CENTRE consortium.
Tether
$1.00042
Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Signature Bank
Signature Bank® (NASDAQ: SBNY) is a New York-based full-service commercial bank with private client offices throughout the New York Metropolitan area, Connecticut, North Carolina and California.
Circle
Circle Internet Financial Ltd is a global internet finance company, built on blockchain technology and powered by crypto assets.
Paxos
Paxos Trust Company, LLC is a regulated blockchain infrastructure company building transparent and transformative financial solutions.
Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.