TrueUSD’s TUSD Circulating Supply Surpasses $3 Billion Despite Prime Trust’s Challenges

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.’


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Circle Launches Cross-Chain Transfer Protocol for USDC

Users are now able to move US Dollar Coin (USDC) between Ethereum and Avalanche thanks to the implementation of a new mainnet protocol by Circle, the company that created the US Dollar Coin (USDC). The Cross-Chain Transfer Protocol (CCTP), which was introduced on April 26, intends to lessen the amount of fragmentation that exists within the Web3 ecosystem and do away with the need for USDC bridges.

Prior to this update, customers who owned USDC on Ethereum and wished to move it to Avalanche were required to either deposit their coins with a Circle partner or utilize a third-party bridge to complete the transfer. Nevertheless, customers are now able to transfer their USDC straight across the two networks thanks to the newly developed CCTP.

The new protocol operates in a manner that is distinct from that of a conventional bridge. Instead of putting a lock on tokens that are submitted to its contract, it will entirely destroy them and then issue fresh tokens on the network that is receiving them. Users have the ability to immediately convert these newly issued tokens into bank deposits by depositing them with Circle or one of its partners.

The Circle team anticipates that the CCTP will remedy the problem of fragmentation that exists within the Web3 ecosystem. At the moment, there are a number of unauthorised versions of USDC that are circulating on other networks. The majority of these versions are the consequence of tokens on one network being bridged to another network. The development team anticipates that the usage of unauthorised copies will gradually decrease now that there is an official means to move coins across networks. This will result in the token being easier to understand and utilize.

A significant number of the most prominent cross-chain protocols, such as Celer, Hyperlane, LayerZero, LI.FI, MetaMask, and Wormhole, as well as others, have already committed to making use of CCTP in the future. It is anticipated that the new protocol will get widespread adoption as a result of this support, which will further reduce the need for USDC bridges and facilitate the use of the token across other networks.

In the realm of decentralized finance (DeFi), the introduction of Circle’s new Cross-Chain Transfer Protocol represents an important step forward overall. This demonstrates both the rising desire for smooth interoperability across multiple blockchain networks as well as the willingness of prominent companies in the industry to cooperate in order to enhance the user experience for everyone. The future of DeFi is expected to become more linked and available to a larger audience as the number of projects that embrace cross-chain protocols like CCTP increases.


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Avalanche Launches Avaissance to Boost NFT Ecosystem

The Avalanche Foundation has launched Avaissance, an initiative aimed at supporting digital artists and boosting the growth of the Avalanche NFT ecosystem. Avaissance includes two main components: the Artist in Resident program (AIR) for over 50 artists and the Mona Lisa Initiative (MLI) to curate digital art and expand the collections of art-focused DAOs. The AIR program will provide funding, mentorship, and virtual workshops for six months to artists of any skill level. Meanwhile, the MLI will collaborate with DAOs’ curatorial teams to promote emerging Avalanche NFT artists and establish an “Avalanche Permanent Collection.”

In other NFT news, Ticketmaster has announced a new feature called token-gated ticket sales, which allows artists to reward NFT holders with exclusive benefits such as special presales, prime seats, custom travel packages, and access to unique concert experiences. This functionality was developed after American heavy metal band Avenged Sevenfold (A7X) approached Ticketmaster and its Web3 team, Bitflips, for help implementing a service that would allow holders of its NFTs – Deathbats Club, a collection of 10,000 unique Deathbat NFTs – to unlock perks and access to events. The feature works with tokens minted on Ethereum and stored in decentralized application (DApp) wallets like MetaMask or Coinbase.

Patrick Amadon, a popular NFT artist, recently withdrew his work from a major auction house, Sotheby’s upcoming “Natively Digital: Glitch-ism” art sale, to protest a lack of female representation. He shared his decision with his 142,400 Twitter followers, and Sotheby’s responded the next day by announcing that it would pause the sale to “redress the imbalance in representation within the sale” and relaunch later with a “more equitable and diverse group of artists.”

Mike Winkelmann, also known as Beeple, recently shared a video with his Twitter followers, revealing his new 50,000-square-foot studio in South Carolina. According to Beeple’s website, he will use the space to create his artwork and host events to “showcase the very best art and communities.” The website stated that they are looking to partner with the most cutting-edge artists and communities to put on events that are not possible at any other venue.

On March 25, an NFT from the popular CryptoPunks collection valued at approximately $135,000 was accidentally burned by an investor attempting the process of NFT wrapping to potentially borrow liquidity from it. While the loss was unfortunate, it highlights the importance of proper education and caution when dealing with NFTs.


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Donald Trump’s NFT Trading Card Collection

In recent days, there has been a significant uptick in the daily sales volume of nonfungible token (NFT) trading cards belonging to the former President of the United States, Donald Trump.

According to market analytics aggregator Cryptoslam, sales volumes on January 18 and January 19 saw surges of 800% and 600% respectively when compared to sales volumes on January 17.

Following reports that the former president was seeking to rejoin Facebook and Twitter in advance of the 2024 presidential election campaign, some experts believe that the rekindled interest could be due to his imminent return to social media networks. This speculation comes after it was reported that the former president was seeking to rejoin these networks.

On December 15th, a collection of 45,000 self-themed trading cards was released, and the price of each card was originally set at $99 USD.

Customers who purchased the collection were instantly placed into a sweepstakes with “thousands of prizes,” some of which included one-on-one meals, zoom calls, and games of golf with the previous President.

They sold out very rapidly and achieved daily sales volumes of more than $3.5 million, but after that, their sales volume sank to a baseline of around $26,000 by the end of 2022.

Yuga Labs, the company that created Bored Ape Yacht Club (BAYC), has blocked the secondary trade of its “Sewer Pass” non-fungible tokens on markets that do not provide full support for creator royalties.

It is possible to mint the Sewer Pass, which serves as an admission pass to its new skill-based non-flip-to-win game called Dookey Dash, but only for those who are members of the Bored Ape Yacht Club or the Mutant Ape Yacht Club.

According to the statistics provided by NFT Price Floor, The Sewer Pass has had a large amount of transactions on secondary markets, with a floor price of 1.81 ETH (which is equivalent to $2,809) and sales volumes of 15,627 ETH (which is equivalent to $24,267,411).

Secondary sales of the collection have already brought in more than $1.2 million in income for Yuga Labs, which is based on a 5% creator royalty charge for the collection.

According to the announcement, “Neopets Metaverse” will be a play-and-earn virtual pet game based on the original, and it would enable users to “grow, care for, personalise, and combat with their Neopets” on the blockchain. The game will be based on the original “Neopets.”

Neopets was established in 1999, and its parent business has high hopes that its newest product, Neopets Metaverse, would reintroduce “the magic of Neopets in a wonderfully fresh light to old-time gamers, as well as recruiting and fostering a new generation of Neopians.”

The news has been received with a lacklustre reaction from the community, with some members speculating that the community’s earlier attempt to create a Neopets metaverse was unsuccessful.

Researchers at the National University of Singapore (NUS) have developed a pair of haptic gloves that they hope will allow users to experience the feeling of touch in the metaverse.

The HaptGlove is an untethered and lightweight glove that will enable users of the metaverse to interact with virtual items in a manner that is much more realistic by communicating a sense of touch and grip. The innovation was developed by HaptLabs.

When users put on the HaptGlove, they are able to sense when their virtual avatar’s hand touches something, as well as tell how hard the object is and what shape it is. This is made possible by the HaptGlove restricting the user’s finger positions, which enables users to sense when their virtual avatar’s hand touches something.

According to NUS, the HaptGlove will also be valuable in other fields, such as education and medicine, since it will enable surgeons to practise their procedures in a “hyper-realistic environment” and will provide students with the opportunity to gain practical knowledge via hands-on practise.

Although the idea of haptic gloves is not new, as for example, Meta is now working on their own version of them, NUS say that theirs is capable of providing users with a far more realistic feeling of touch in comparison to other haptic gloves that are already on the market.

It has been suggested by those working on metaverse games that because virtual reality is such an immature technology, it is difficult to incorporate it into metaverse products. As a result, games like The Sandbox and Decentraland have not yet fully incorporated virtual reality clients into their gameplay.

Rarible, a marketplace for NFTs, made the announcement on January 18 that it was going to extend its marketplace builder to accommodate Polygon-based NFT collections.

The cryptocurrency exchange Binance made an announcement on January 19 that it would be tightening its rules for NFT listings. As part of the new regulations, the exchange will require sellers to complete Know Your Customer (KYC) verification and have at least two followers before they can list their NFTs on the platform.


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Avalanche Foundation Announces $4m Incentive Program for Trading Platform GMX

Avalanche Foundation has announced it will grant a $4 million incentive in AVAX tokens for the growth of the decentralized trading platform GMX.


The million-dollar incentive is deducted from the Avalanche Rush, a liquidity mining incentive program by Avalanche Foundation aimed to boost the Avalanche DeFi ecosystem.  

According to Avalanche, the $4 million incentive will be issued over a multi-month duration alongside its collaboration platforms building on the GMX protocol. The collaborators include TraderJoe, YieldYak, Dopex, and Yeti Finance.

Launched on Avalanche in January, GMX is a decentralized exchange platform that enables users to trade spot and perpetual futures contracts on the Avalanche blockchain while also offering on-chain trading and deep liquidity.

The platform eliminates the risk of impermanent loss by allowing liquidity providers to risk the loss of their capital if GMX traders are profitable. Meanwhile, if traders lose their money instead, fees generated are rewarded to liquidity providers. In contrast, if the traders are being profitable, liquidity providers take responsibility. 

The incentive program cancels some of the risk correlated with providing liquidity on GMX. It allows the collaborators of the protocol to build new types of products on top of the revenue model used by GMX. Alongside the $4 million, which will be allocated over a few months, users would be able to provide liquidity on the GMX platform and make use of the new products the platform collaborators develop.

Notably, the incentive program Avalanche Rush has been a part of the rapid growth of the Avalanche DeFi ecosystem since its launch in 2021. As the smart contract platform stated, ”the incentive program boosted its DeFi total value locked (TVL) by 900% within just a month of its launch.’’

GMX is not the only platform utilizing the Avalanche blockchain amid the extreme market condition. In September, New York-based global investment firm KKR & Co. Inc announced that it had put some part of its private equity funds on the Avalanche blockchain.

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Circle to Introduce Euro Coin and Cross-Chain Transfer Protocol to Solana in Early 2023

USD coin issuer and digital financial technology firm Circle is now set to expand its Euro Coin and cross-chain transfer protocol to the Solana ecosystem in the first half of 2023.


The Euro Coin is a euro-backed stablecoin issued by Circle in June. In contrast with its counterpart USDC coin, which is pegged to dollars, the Euro Coin is pegged to the Euro. Currently, the Euro coin is live on the Ethereum blockchain, and by Q1 2023, it will also be live on the Solana blockchain.

According to Sheraz Shere, Head of Payments at Solana Labs, the launch of the Euro coin on Solana creates new use cases for instant FX, layout optionality for traders with a new base currency, as well as allow the lending and borrowing of Euro Coin on a blockchain. The Euro coin will be available alongside USDC as a payment currency in Solana Pay. 

Exchanges such as FTX will add support deposits, withdrawals, and trading of Euro Coin when it goes live on Solana. Additionally, Solana-based DeFi (Decentralized finance) protocols such as Raydium and Solena have also shown interest in supporting the stablecoin when it launches, according to Circle.

Furthermore, aside from the Euro Coin, another project Circle will be launching on the Solana blockchain is its cross-chain transfer protocol which was initially announced in September. The protocol would go live at the beginning of 2023 on Ethereum and Avalanche, then expand to Solana in the first half of 2023.

Cross-chain transfer protocol allows the native transfer of USDC across different blockchains instead of using wrapped tokens. Interoperability platform Wormhole plans to support the Cross-chain transfer protocol implementation once it’s live on the Solana blockchain.

Speaking of Circle, the firm recently revealed it has set up a new reserve fund dubbed the Circle Reserve Funds with BlackRock to help manage its stablecoin’s reserves.  

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Chainlink Introduces SCALE Program to Drive Ecosystem Growth

Chainlink, the pioneering oracle service provider in the blockchain industry, has introduced the Chainlink SCALE program to help boost the growth of its ecosystem users.


The Chainlink Scale program will accelerate access to oracle products and services for both Layer-1 and Layer-2 protocols.

The Chainlink SCALE program has drafted top protocols, including Avalanche, Metis, Moonbeam, and Moonriver, as its partners with the plan to onboard more later on. These partners will contribute to the SCALE program by covering the operating costs of using Chainlink Oracle.

“The Chainlink SCALE program allows us to boost the growth of the Metis developer ecosystem while helping ensure Chainlink oracles operate in a cost-efficient manner on the layer-2 Metis network. By providing enhanced access to Chainlink services, developers on Metis can pioneer the next generation of decentralized applications that serve more complex use cases and scale to meet fast-paced global markets.” – Elena Sinelnikova, Co-Founder and CEO of Metis.

The SCALE program is a mutually beneficial one and will see Chainlink contribute to its partners’ growth by creating custom-made oracle services for the protocols.

This program is a part of the broader Chainlink Economics 2.0, an initiative that seeks to enhance data access and security and at the same time, make accessing oracle services cheaper for everyone.

“We’re excited to introduce Chainlink SCALE as a way to help rapidly accelerate the growth of blockchain ecosystems while putting in place a holistic economic model that is viable for the long-term success of blockchains, dApps, and the Chainlink ecosystem,” said Sergey Nazarov, Co-Founder of Chainlink, adding that “We look forward to collaborating closely with a growing number of blockchain ecosystems in their mission of bringing Web3 to the world.”

As a pioneer in the oracle provision field, Chainlink has continued to set the pace with its innovations to make Web3.0 accessibility faster.

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WisdomTree Adds Polygon and Avalanche to Crypto-Basket ETPs

WisdomTree Investments, Inc., a New York-based exchange-traded fund and exchange-traded product provider and asset manager, announced on Monday that it has added Polygon (MATIC) and Avalanche (AVAX) to indices at two physically backed crypto basket exchange-traded products (ETPs), the WisdomTree Crypto Market (BLOC) and the WisdomTree Crypto Altcoins (WALT).

The firm added Polygon and Avalanche to the WisdomTree Crypto Market (BLOC) and the WisdomTree Crypto Altcoins (WALT).

BLOC and WALT are already trading on the German stock exchange Börse Xetra, the France stock exchange known as ‘the Euronext Paris,’ Amsterdam stock exchange and the Swiss stock exchange SIX.

The two crypto ETPs have a sales pass for the whole European Union.

Alexis Marinof, head of Europe at WisdomTree, talked about the development: “Our crypto baskets are designed to give investors exposure to the changing environment of crypto assets. Additional coins such as MATIC and AVAX can be added to the indexes through quarterly resets. Before being included in our indexes, coins are evaluated by a committee, and they must meet several criteria, including sufficient liquidity levels, practical use cases, and significant mass.”

Marinof further elaborated: “Our monitoring and rebalancing allow investors to conveniently allocate some of our largest and most liquid investable crypto assets within a familiar structure without having to open or insure individual portfolios or any individual currency to stake.”

The BLOC is a free-float market capitalization-weighted ETP that offers exposure to a diversified basket of cryptocurrencies representing about 65% ​​of the crypto market capitalization. The product is designed for investors who want broad exposure to the liquid and established assets of the crypto market. With the new additions, the basic BLOC index is now constituted of Bitcoin, Ethereum, Cardano, Bitcoin Cash, Litecoin, Polkadot, Solana, Polygon, and Avalanche.

On the other hand, the WALT is a market capitalization-weighted free-float ETP that enables exposure to a diversified basket of altcoins. The ETP offers exposure to major crypto assets, excluding Bitcoin and Ethereum. It was designed for investors who already have exposure to these major cryptocurrencies and want to diversify their exposure without modifying their current holdings. With the new additions, the basic WALT index now consists of Cardano, Bitcoin Cash, Litecoin, Polkadot, Solana, Polygon, and Avalanche.

WisdomTree said it added MATIC and AVAX to BLOC and WALT on August 19 after rebalancing the indices of the two crypto-basket ETPs.

Crypto ETPs Blossoming in Europe

The crypto ETP market in Europe is becoming more competitive than in North American and Latin America. Firms are issuing more varieties of crypto ETPs because of increasing demand.

In February, Fidelity International listed the Fidelity Physical Bitcoin ETP on Germany’s Deutsche Börse stock exchange and Switzerland’s SIX Swiss Exchange. The product is available to institutional clients and investment firms in Europe.

In March, WisdomTree launched three new crypto ETPs backed by Solana, Cardano, and Polkadot in Europe.

In 2019, WisdomTree launched its first crypto-asset ETP and has continued to build some diversified crypto baskets since then. WisdomTree has $200 million in assets under management in its crypto asset ETPs.

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Crypto Watchlist: Biggest Losers This Week (AVAX, MATIC, KCS)

The digital currency ecosystem has continued to show signs of weakness with the combined crypto market capitalization pegged at $862.19 billion at the time of writing.

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The past week was yet another tough one as notable circumstances further dampened the sentiments of investors from stacking up liquidity into the ecosystem.


While MicroStrategy Incorporated and El Salvador bought the Bitcoin (BTC) dip, the bullish gesture was not sufficient to wade off the impacts of the liquidation of Three Arrows Capital (3AC) as ordered by a British Virgin Island (BVI) court.

With most coins trading in the negative, here is a look into the three coins with the biggest weekly losses.

Avalanche (AVAX)

Avalanche is a layer one blockchain that functions as a platform for decentralized applications and custom blockchain networks. It is regarded as one of the fastest blockchain protocols as measured by time to finality. 

Despite the dip, the Avalanche ecosystem has continued to stay vibrant riding on the $230 million ecosystem fund it launched months ago. However, this has not helped the AVAX coin which is currently changing hands at $15.94, down 1.94% in the past 24 hours and by 23.90% in the past week. AVAX is one of the biggest losers for the week as analysts are advising traders to short the coin.


Polygon (MATIC)

Polygon (previously known as the Matic Network) is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Powered by the MATIC token, the protocol’s future is currently in doubt as The Merge of Ethereum’s Proof-of-Work (PoW) with the new Proof-of-Stake (PoS) is on track to be completed very soon.

The token is trading at $0.4551, down 23.44% in the past 24 hours. The token has lost over 84% of its price value since it recorded its all-time high (ATH) of $2.92 back in December last year.


KuCoin Token (KCS)

KCS is the native token of KuCoin, which was launched back in 2017 as a profit-sharing token that allows traders to draw value from the exchange. At a price of $8.20 and a 25.33% drop in the week-to-date period, the KCS coin ranks as the worst loser amongst the top 100 digital currencies listed on CoinMarketCap.


The fall in the KCS price might be attributed to a FUD spread in its community chances are that the trading platform will halt withdrawals as it is also distressed, a claim that has been debunked by CEO, Johnny Lyu.

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Bitcoin (BTC) $ 26,592.12 1.60%
Ethereum (ETH) $ 1,589.35 2.01%
Litecoin (LTC) $ 65.00 0.10%
Bitcoin Cash (BCH) $ 208.92 2.28%