
Curve Finance Considers Dropping TrueUSD from Collateral List
The proposal suggests reducing TUSD’s collateral backing to zero, effectively ending its support for crvUSD if approved.
The proposal suggests reducing TUSD’s collateral backing to zero, effectively ending its support for crvUSD if approved.
By announcing ahead of time, Binance hopes that it has given users the needed opportunity to adjust their positions and trading strategies accordingly.
Uphold’s announcement follows similar actions from other popular exchanges, including Binance, Kraken, OKX, and others.
The TrueUSD stablecoin is natively available on four chains – Ethereum, BSC, Tron, and Avalanche – with all others available in wrapped versions.
The significant outflow could be attributed to TrueUSD’s January 10 report, where the company informed users about a full upgrade to their fiat reserve audit system in collaboration with the Hong Kong-based accounting firm MooreHK.
The Hong Kong Monetary Authority (HKMA) recently completed a public consultation on stablecoins regulations.
The TUSD stablecoins issuer confirmed to the users that it had no exposure to Prime Trust and that all funds are safe.
Tether CTO Paolo Ardoino called the minting of the new stablecoins as part of replenishing its inventory.
This delisting comes two weeks after global crypto exchange Binance announced its plans to delist USDC.
Stablecoins have maintained a strong growth momentum against the occasionally frustrating crypto market.
The TUSD-am3CRV pool has launched on Curve’s Polygon network with the gauge feature to distribute CRV rewards on April 1.
TrueUSD and Balancer Automated Market Maker partnered up with Polygon to offer liquidity providers with TUSD and BAL rewards from a stablecoin pool incentive program last November.
Compound (COMP), Chainlink (LINK), and Loopring (LRC) are the new additional collateral asset types to popular crypto project MakerDAO upon the community’s request.
Cred, a decentralized lending ecosystem that facilitates access to credit using cryptos as collateral, is set to disrupt the traditional lending market.
Users can purchase and redeem TrueAUD in the TrustToken app starting from today, along with TrueUSD and TrueGBP, with zero purchase or redemption fees. TrueEUR, TrueCAD, and TrueHKD to come next.