In June 2023, TrueUSD (TUSD) experienced significant growth and adoption across multiple blockchain ecosystems. With the circulating supply reaching 3,059,838,623 TUSD, backed by dollar reserves of over $3 billion, the stablecoin is gaining more recognition in the crypto markets.
TUSD showed a broad spread across various networks with TRON taking the lead with 2,297,017,674 TUSD, Ethereum trailing behind at 729,591,343 TUSD, and BNB Smart Chain (Native) hosting 30,097,865 TUSD. Avalanche, BNB Beacon Chain, Fantom, Polygon, and several other networks also supported a sizeable amount of TUSD.
TrueUSD’s growing adoption was further evidenced by its integration into different platforms and protocols throughout the month. The Web3 shopping platform, UQUID, adopted TUSD as a payment option on June 5th, providing users with a new method to shop. TUSD was also incorporated into the Megaton Finance on the TON network, broadening its presence in the financial sector.
Binance, the world-renowned crypto exchange, played a significant role in promoting TUSD adoption during June. It initiated a TUSD contract swap on the BNB Smart Chain, and upon its successful completion, launched the 34th phase of new token mining, supporting TUSD mining. Binance’s Auto-Invest platform added TUSD as a payment option, and it supported the swapping of the new native TUSD on the BSC network for TUSDOLD, offering users a seamless conversion process.
Venus recognized the rising importance of TUSD by launching the VIP-129 proposal to support the new native TUSD, and following its approval, the market for the token went live. Additionally, Pancake V3 introduced the TUSD Syrup Pool and Farms, providing users with more opportunities to earn rewards.
TrueUSD’s reach extended to Kraken, another major crypto exchange, which enabled deposits and withdrawals of TUSD on the TRON network by the end of June. Binance further cemented TUSD’s position by launching a zero maker fee promotion for all existing TUSD spot and margin trading pairs and added BCH/TUSD and CFX/TUSD trading pairs to its platform.
Alongside these product developments, TrueUSD made strides in community engagement through various campaigns. Binance C2C and Binance Earn launched time-limited campaigns, offering new users a chance to win up to 175 TUSD. The UquidParty online campaign and PancakeSwap’s TUSDQuiz on Telegram created interactive opportunities for participants to win a share of TUSD prizes.
It’s worth pointing out that, despite TrueUSD’s claim to have launched as the “first USD stablecoin operated by a regulated operator,” it might face certain challenges. TrueUSD’s technology partner, Prime Trust, has been grappling with serious issues. Rumors of insolvency swirled around Prime Trust in early June. This situation escalated on June 22 when the Department of Business and Industry in Nevada issued a cease and desist order against the company. Consequently, Prime Trust abruptly put a stop to all fiat and cryptocurrency deposits and withdrawals.
Nevertheless, TrueUSD denied any impact from the Prime Trust situation. In a recent tweet, the company asserted, ‘Prime Trust has suspended all deposits of fiat and digital assets. However, #TrueUSD (#TUSD) is not affected by this development. We don’t have any exposure to Prime Trust and maintain multiple USD rails for minting and redemption. Rest assured, all your funds with TUSD remain secure.’