British Virgin Islands-based firm, Techteryx, announces readiness to take over full-operations of all offshore aspects of TUSD, the fifth largest stablecoin, including minting and redemptions, customer onboarding, and compliance from the previous manager, ArchBlock. Amidst high market capitalization of over $2.8 billion, this move casts significant implications.
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The Rise and Uncertainty of Centralized Stablecoins: Balancing Transparency and Dependence
Centralized stablecoins, stabilizing their price against another asset like the U.S dollar, account for 75% of all transactions on centralized crypto exchanges, with TrueUSD (TUSD) and Tether’s USDT taking significant shares. However, amid growth, controversies and transparency issues pose challenges and risks, demonstrating the crypto market’s vulnerability. The future of such stablecoins depends on addressing these vulnerabilities and embracing transparency.