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TrueUSD Attempts to Resume Mining of TUSD on Prime Trust in New Announcement

Key Points:

  • Stablecoin issuer TrueUSD announced that it is working to resume the minting of TUSD on Prime Trust.

  • According to the announcement the resumption of operations to ensure a seamless experience for its users.

  • Previously, the minting of this stablecoin on Prime Trust was launched when the company was caught up in rumors about going bankrupt and selling it to Bitgo.

On June 13, TrueUSD, which issues stablecoins denominated in US dollars, tweeted that it is working to restore TUSD minting on Prime Trust.

According to the new announcement, this decision was made because the stablecoin issuer appreciates the importance of providing a seamless experience for its users. On June 10, US dollar stablecoin TrueUSD officially posted on social media that it has temporarily stopped minting TUSD through Prime Trust, pending a new announcement.

We appreciate the patience and support of our community during this process and will provide updates as soon as new developments occur. Thank you for your trust in TUSD. — TrueUSD (@tusdio) June 13, 2023

At that time, crypto custody company BitGo reached a preliminary agreement to acquire Prime Trust. The deal is in the initial stages and still subject to regulatory approval. The sources did not disclose the financial terms of the deal. BitGo later confirmed in a blog post that it had signed an agreement of intent to acquire Prime Core Technologies, the parent company of Prime Trust.

At the end of last week, the market saw a severe peg loss of TUSD following the announcement of a moratorium on mining through Prime Trust and the impact of SEC lawsuits against crypto companies.

Previously, TrueUSD became Binance’s choice after the BUSD crash as it was sued by the SEC as a security and ordered Paxos to stop issuing BUSD from February 2023. Binance then promoted TUSD with how to only provide free Bitcoin trading for stablecoin pairing.

Since the widespread banking crisis, the price of stablecoins has been significantly threatened, in addition to the tight control of regulators. This places an urgent need on stablecoin regulations.

During a hearing on the future of digital assets by the US House of Representatives taking place today, the Circle CEO shared that the stablecoin bill is an essential piece of legislation that should be the first step in creating one regulatory framework to build the conditions for a vibrant and secure digital asset market.

It will also have significant ramifications beyond the digital asset market to the global role of the US dollar. The stablecoin bill will enable access to the dollar, security, and competitiveness in the digital currency age.

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