TrueUSD (TUSD) Strives to Resume Minting with Prime Trust

In recent updates, the TrueUSD (TUSD) team has announced that they are actively engaged in efforts to resume TUSD minting on Prime Trust. This announcement was made following an unexpected pause in TUSD minting via Prime Trust, an event that took place on June 10.

Displaying their commitment to a seamless user experience, the TUSD team stated on June 13, “We are diligently working towards resuming TUSD minting on Prime Trust. We understand the importance of providing a seamless experience for our users.”

It is important to note that the disruption with Prime Trust has not impacted TUSD minting and redemption services with other banking partnerships. These services continue to operate as per usual, as was clarified by the team in a tweet from June 10.

“TUSD minting and redemption services remain unaffected and will continue to operate as usual,” the TUSD team announced, “We want to assure you that our partnerships with other banking institutions remain intact, allowing for seamless transactions.”

Throughout these developments, the TUSD team has shown a clear commitment to transparency, regularly updating their user base and expressing appreciation for their patience and support. The team has further promised to provide prompt updates as the situation evolves.

“We appreciate the patience and support of our community during this process and will provide updates as soon as new developments occur. Thank you for your trust in TUSD,” they shared on June 13.

Though the temporary pause with Prime Trust operations has introduced some inconvenience, the proactive measures taken by the TUSD team to address and rectify the situation demonstrate their dedication to their users. 

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Stablecoins Could Bolster U.S. Dollar and Economic Competitiveness: Circle CEO

In a compelling testimony delivered to the House Financial Services Committee, Jeremy Allaire, CEO and Co-Founder of Circle, underlined the significant role stablecoins, such as the U.S. Dollar Coin (USDC), could play in strengthening the global position of the U.S. dollar. Allaire focused on the urgent need for the United States to lead the development of regulatory frameworks that promote growth and safety in the digital assets market.

A seasoned pioneer in the technology and financial sectors, Allaire highlighted how USDC, a leading digital currency tied to the U.S. dollar, is instrumental in advocating for a technologically superior, safe, and widely accessible U.S. dollar. He pointed out that the steps taken by the U.S. government in the near future would have profound implications on the competitiveness of the dollar for the coming decades.

The Circle CEO emphasized the rising demand for secure, internet-based dollars, asserting that with a robust regulatory framework, this market could potentially serve billions of users and handle trillions of dollars in payment activity. He also drew attention to the rapid progress of alternate payment systems and technological advancements such as 6G networks, quantum computing, and artificial intelligence, which could impact the supremacy of the U.S. dollar.

Allaire’s statement to the Committee also shed light on the importance of the stablecoin bill, a key piece of legislation he deems critical to the establishment of a vibrant and secure digital asset ecosystem. He advocated for robust supervision of stablecoin issuers, stringent requirements for asset backing of digital dollars, and measures to prevent the circulation of counterfeit digital dollars.

The Circle CEO addressed four unresolved issues, which, in his view, the Committee needs to tackle. These include clarifying the roles of state and federal banking regulators, addressing reserve requirements, determining how financial institutions should manage payment stablecoins, and establishing stringent measures to prevent the proliferation of illegitimate digital dollars.

Allaire ended his testimony with an urgent appeal to lawmakers, urging them to ensure the U.S. dollar remains competitive in an era of rapidly evolving technological innovation. Highlighting the critical crossroads facing the U.S. dollar, Allaire called for regulatory decisions that will foster a secure and thriving digital currency landscape, thereby maintaining America’s economic competitiveness and international influence.

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eToro and Robinhood Modify U.S. Cryptocurrency Offerings Amidst Regulatory Changes

The global cryptocurrency landscape is witnessing significant shifts, with leading trading platforms, eToro and Robinhood, adjusting their U.S. cryptocurrency offerings. Both platforms are responding to the rapidly evolving regulatory environment in the United States, affecting popular cryptocurrencies such as Algorand (ALGO), Decentraland (MANA), Dash (DASH), Polygon (MATIC), Solana (SOL), and Cardano (ADA).

Starting at 6:00 AM ET, Wednesday, July 12, 2023, eToro U.S. customers will not be able to open new positions in Algorand, Decentraland, Dash, and Polygon. Despite the changes, users will still have the ability to hold and sell existing positions in these cryptocurrencies.

Just a month earlier, on June 9, Robinhood also made headlines when it announced the delisting of Solana, Cardano, and Polygon. This follows recent charges by the U.S. Securities and Exchange Commission (SEC) against Binance and Coinbase, alleging that these platforms traded unregistered securities. Given these circumstances, analysts predict a further decline in cryptocurrency trading activity on Robinhood.

Both eToro and Robinhood’s decisions highlight the complex nature of global cryptocurrency regulations and the need for platforms to adapt swiftly to protect user interests and ensure compliance. The trading platforms’ strategic shifts are significant for users seeking updates on cryptocurrency strategies amidst a dynamic U.S. regulatory environment.

Despite the changes, eToro remains committed to promoting a diverse range of asset classes, including stocks, Exchange Traded Funds (ETFs), and options, reinforcing their support for crypto assets. The company also pledges to work closely with regulators around the world to shape the future of the crypto industry and advocate for access for everyday investors.

This news reaffirms the unique challenges cryptocurrency platforms face while navigating regulations. Changes to crypto offerings, especially in the U.S., are provoking discussions about the future of crypto regulation. As the regulatory landscape continues to evolve, investors and users will be closely monitoring platforms like eToro and Robinhood for further updates.

eToro encourages customers with queries about these changes to contact its customer service team. Meanwhile, industry watchers anticipate more platforms to realign their strategies in response to changing regulations, impacting the availability and trading of various cryptocurrencies.

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