In an intriguing development in the stablecoin ecosystem, the ownership dynamics for the fifth largest stablecoin, TUSD or TrueUSD, have experienced a transformation. Techteryx, a British Virgin Islands-based firm, announced readiness to helm the full-operation of all offshore facets and relevant TUSD services such as “minting and redemptions, customer onboarding, and compliance.” This move is noteworthy as it comes more than two and half years post the purchase of the business from ArchBlock, the previous managing entity, in December 2020.
The stakes are high and the implications vast, considering that TUSD boasts of a rather impressive market capitalization notching over $2.8 billion, as per statistics provided byCoinMarketCap. There is certainly no shortage of those who will pounce on the opportunity to label this as a significant milestone, the moment where TUSD may well be taking shape as a considerable force in the stablecoin marketplace.
Nonetheless, let’s not draw our conclusions rather abruptly.
Indeed, the popularity of TUSD is hard to deny, having received boosted support earlier this year by no less than the thriving exchange, Binance. Add to this, the timely decision by Binance, the largest crypto trading platform worldwide, to retain zero-fee trading for TUSD while eliminating the same advantage for bitcoin on several asset pairings.
Yet the skepticism encircling this change is far from evaporated; a potential concern is the swift transfer of operational control from ArchBlock to Techteryx. Surely contractual obligations are in place, but abrupt changes can often introduce uncertainty and risk, areas the blockchain industry would be all to happy to circumvent.
To sum up, there’s definitely a buzz emanating from the TUSD camp. The change in management appears both bold and signaling intentions of domination in the stablecoin landscape. What remains is to see whether the move proves judicious and whether TUSD under the new leadership of Techteryx can maintain the same progressive momentum, or even better, accelerate it. Time, most certainly, will bear the conclusive answers.
Source: Coindesk
