[PRESS RELEASE – Singapore, Singapore, May 8th, 2023]
TrueUSD (TUSD), a leading stablecoin provider, announced its intention to implement a plan for the international transition of its management services, reflecting an emerging industry trend of international expansion. Since its inception in 2018, TUSD has led industry innovation in the stablecoin sector with a strong emphasis on client due diligence and regulatory compliance while growing its reserve portfolios in collaboration with a diversified network of financial institutions and fiduciaries. TrueUSD has proven to be one of the most trusted stablecoins during recent market volatility and disruption to the US banking sector.
The expansion and transition of TrueUSD’s operations was part of the intention around its acquisition in 2020 and conditions are now appropriate to begin this next phase of portfolio review, consolidation and growth. While TrueUSD remains committed to serving all members of its global community, this announcement signifies TUSD’s effort to further align itself with the development of the stablecoin sector against continued disruptions to the banking system and ongoing regulatory uncertainty.
TrueUSD (TUSD) is the first digital asset with live on-chain attestations by independent third-party institutions and is backed 1:1 with USD. So far, it has been listed on more than 100 trading platforms such as Binance and Huobi, and is live on 10+ mainstream public chains, including Ethereum, TRON, Avalanche, BNB Chain, Fantom, and Polygon. TrueUSD is attested in real-time by The Network Firm LLP, an independent, industry-specialized accounting firm in the US, to ensure the 1:1 ratio of its USD reserve to the circulating token supply and the 100% collateral rate. With the integration of Chainlink PoR, TrueUSD becomes the first USD-Backed stablecoin to secure minting and further ensure transparency and reliability. Users can access the relevant data via the official website tusd.io at any time. TUSD was granted statutory status as authorized digital currency and medium of exchange in the Commonwealth of Dominica on October 7th 2022.
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