TrueUSD claims it maintains "multiple USD rails for minting and redemption."
Stablecoin issuer TrueUSD has officially announced on Twitter that it stands unaffected by the ongoing issues faced by Prime Trust, a Nevada-based financial services provider.
It recently came to light that Prime Trust had received a cease and desist order from the Department of Business and Industry in Nevada. Following the order, Prime Trust abruptly halted all fiat and cryptocurrency deposits and withdrawals.
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This unexpected measure has led to a challenging scenario for numerous clients who have now found their assets stuck in a state of limbo.
TrueUSD swiftly responded to these recent developments, stating that the company "is not affected by the situation" linked to Prime Trust.
The company asserted that it ensured the continuity of its operations by partnering with multiple entities. Thus, the stability of TUSD remains unscathed amidst Prime Trust’s troubles.
PrimeTrust has suspended all deposits of fiat and digital assets. #TrueUSD (#TUSD) is not affected by this situation. We have no exposure to Prime Trust and maintain multiple USD rails for minting and redemption. Rest assured, all your funds are safe with TUSD.
It is worth noting that despite the company claiming that it has "no exposure" to Prime Trust's troubles, on June 10th, after Prime Trust paused its minting operation, TUSD lost its dollar peg. The value of TUSD took a minor dip to hit its lowest at $0.9964.
TrueUSD reassured its users that despite the brief halt in the minting process through Prime Trust, other banking partnerships continue to provide uninterrupted services for TUSD minting and redemption.
It is worth noting that recently, BitGo announced that it no longer plans to acquire Prime Trust.
Despite the challenges faced by Prime Trust, TrueUSD has managed to uphold the stability of its TUSD, ensuring continued safety and reliability in its operations.
