Prime Trust, a leading provider of custody and escrow services for digital assets, has announced its collaboration with TrueUSD (TUSD) to resume the minting process for the stablecoin. This partnership is expected to bring more stability and transparency to the TUSD ecosystem, which has been facing challenges in recent times.
TrueUSD is a stablecoin that is pegged to the US dollar and is designed to provide stability to the volatile cryptocurrency market. It is backed by a network of trust companies that hold the corresponding US dollars in escrow accounts. The stablecoin has gained popularity among traders and investors who want to avoid the volatility of other cryptocurrencies.
However, in recent months, the TUSD ecosystem has faced challenges due to a shortage of new coins. This has led to a premium on the stablecoin, making it more expensive than its pegged value. The shortage was caused by a delay in the minting process, which is the process of creating new TUSD coins.
To address this issue, Prime Trust has partnered with TrueUSD to resume the minting process. Prime Trust will provide custody and escrow services for the US dollars that back TUSD. This will ensure that there is always enough collateral to support the stablecoin’s value.
The collaboration between Prime Trust and TrueUSD is expected to bring more transparency and stability to the TUSD ecosystem. Prime Trust is a regulated financial institution that provides custody and escrow services for digital assets. It is licensed by the Nevada Financial Institutions Division and is a member of the Federal Deposit Insurance Corporation (FDIC).
TrueUSD users can now be assured that their funds are held in secure and regulated accounts. The collaboration between Prime Trust and TrueUSD also ensures that there is always enough collateral to support the stablecoin’s value. This will help to prevent any future shortages of TUSD coins and ensure that the stablecoin remains pegged to the US dollar.
In conclusion, the collaboration between Prime Trust and TrueUSD is a significant development for the stablecoin ecosystem. It brings more stability and transparency to the TUSD ecosystem, which has been facing challenges in recent times. The partnership ensures that there is always enough collateral to support the stablecoin’s value and provides users with the assurance that their funds are held in secure and regulated accounts. This is a positive development for the cryptocurrency market as a whole, as it shows that stablecoins can provide stability and transparency in a volatile market.
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- Source: https://platodata.network/platowire/prime-trust-and-trueusd-tusd-collaborate-to-resume-minting-process/
