- USDT lost a 1:1 ratio with the dollar, after which it never recovered
- There are rumors online that Prime Trust is in serious financial trouble.
- BitGo is interested in the company’s assets
On the morning of Saturday, June 10, TrueUSD announced the suspension of the issuance of TUSD $1 True USD TUSD 0.2% market cap $2b Vol. 24N $1.4b through Prime Trust. This is most likely due to the fact that the company has faced serious financial problems and is in the process of being sold.
“We would like to assure our clients that partnerships with other financial service providers remain in place. You can still conduct transactions seamlessly,” reads further in the release.
The company emphasized that the current situation did not affect the solvency of TrueUSD in any way. Users can continue to mint TUSD, as well as exchange cryptocurrency on the open market.
Note that Prime Core Technologies, which owns Prime Trust, is in the process of being sold. The likely buyer is BitGo Holdings, but the deal has not yet been completed.
Notably, last week it was reported online that service provider Prime Trust was in serious financial trouble. The firm is also closely linked to Binance.US, which has fallen out of favor with the federal authorities.
One way or another, but on Saturday morning, TUSD lost a direct relationship with the dollar. At the moment, the stablecoin was trading at $0.9964. When preparing the article, the rate leveled off to $0.9989.
Over the past months, the token has repeatedly fallen below the $1 mark: