TrueUSD says the TUSD stablecoin has “multiple USD rails for minting and redemption” outside of Prime Trust.
on Twitter that its TUSD stablecoin had “no exposure” to the troubled Prime Trust, which is reportedly facing regulatory challenges.reportedly abruptly halted all fiat and cryptocurrency deposits and withdrawals. Numerous clients now find themselves in a predicament, with their funds effectively stranded due to the sudden disruption.
In light of the recent news, TrueUSD promptly announced that “it is not affected by the situation” at Prime Trust. TrueUSD emphasized that it had diversified its partnerships and maintained “multiple USD rails” elsewhere. The announcement read: “PrimeTrust has suspended all deposits of fiat and digital assets. #TrueUSD 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.”
Prime Trust is a technology-driven trust company that provides a range of services to digital asset companies. Its offerings encompass token and fiat custody, funds processing, Anti-Money Laundering compliance and Know Your Customer regulations, and transaction technology solutions. The company plays a crucial role in supporting the cryptocurrency ecosystem.
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