Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
- Prime Trust reportedly halted all fiat and cryptocurrency deposits and withdrawals.
- TUSD strayed from its dollar peg during the early hours of June 10.
On June 22, TrueUSD announced via Twitter that its TUSD stablecoin has “no exposure” to the struggling Prime Trust, which is said to be facing regulatory challenges.
Based in Nevada, Prime Trust reportedly suspended all fiat and cryptocurrency deposits and withdrawals following an order from state financial regulators. This sudden action has left many customers in a difficult position, as their funds are effectively inaccessible.
Multiple USD Connections
In response to the recent events, TrueUSD promptly stated that “it is not impacted by the situation” at Prime Trust. TrueUSD emphasized its various partnerships and “multiple USD connections” it has established at several locations.
Related Posts
The announcement stated:
“Prime Trust has halted all deposits of fiat and digital assets. #TrueUSD (#TUSD) is not impacted by this situation. We have no exposure to Prime Trust and maintain multiple USD connections for minting and redemption. You can be assured that all your funds are secure with TUSD.”
Prime Trust operates as a service provider in the digital asset sector with a focus on technology. Its offerings encompass a broad range of areas, including storage for tokens and fiat currency, payment processing, AML/KYC compliance, and solutions for transaction technology.
TUSD deviated from its dollar peg on June 10 due to a brief halt in minting operations facilitated by Prime Trust, TUSD’s technological partner. According to data from CMC, this disruption caused TUSD’s value to drop to a historic low of $0.9964.
TrueUSD asserted that it has resolved the issue and reassured its clients that other banking relationships for TUSD minting and redemption services remain intact, despite the temporary halt in the minting process through Prime Trust.
Featured Crypto News Today:
Bitcoin Cash (BCH) Sees Astonishing Surge in Daily Volume
