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The fifth most capitalized stablecoin now trades at $0.9985. On Sunday, June 12, the price was down to $0.9958.
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Reason: TrueUSD issuer announced that TUSD minting via Prime Trust has been suspended “until further notice.”. TUSD minting and redemption services through other banking partners remain in place, the company added.
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“We want to assure that our partnerships with other banking institutions remain unchanged. This allows for seamless transactions,” the announcement reads.
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Stablecoin has repeatedly lost its peg to the U.S. dollar over the past 12 months. It remains to be seen whether the stoppage of minting is related to recent rumors of Prime Trust insolvency.. The Nevada-based fintechinfrastructure provider laid off a third of its staff in January;
TrueUSD, which was created by the TrueFi DeFi Protocol team, runs on the Ethereum, TRON and BNB Smart Chain blockchains. Reacting to TUSD’s success at the beginning of the year, the developers of the stablecoin said that TUSD “continues to be the most transparent and reliable stable coin in all market conditions;