Justin Sun's stablecoins are struggling… again
A number of stablecoins associated with Justin Sun — most notably TUSD, a US dollar derivative owned and operated by US-based tech company Archblock and Asian consortium Techteryx — have been struggling amid rumors that Prime Trust, one of its only US dollar on- and off-ramps, had paused minting and redemptions. BitGo, a cryptocurrency security and trust company, is rumored to be in talks to purchase the company. TUSD admitted to an issue on June 9, saying, “…mints via Prime Trust are paused.” It added that “TUSD minting and redemption services remain unaffected” and that its “partnerships with other banking institutions remain intact.” This would almost certainly be a reference to the other trust previously holding funds for TUSD, a Hong Kong-based entity called First Digital. However, Chinese and US users alike were complaining on Telegram and Twitter, stating that redemptions were taking longer than expected . Control of TrueUSD private keys transferred to Te...