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TrueUSD (TUSD) Moves $1 Billion Reserves To Bahamas Due To US | Crypto Calendar News

TrueUSD (TUSD) Moves $1 Billion Reserves To Bahamas Due To US Banking Crisis

According
to Bloomberg, Archblock oversees about $2 billion in reserves that back its stablecoin TrueUSD (TUSD). After the reserve transfer, Capital Union Bank now holds more than $1.4 billion, a real-time attestation by an independent accounting firm showed Wednesday. This is up from $438 million on March 10. Archblock began transferring funds after New York-based Signature Bank.

Archblock was founded in 2017 under the name “TrustToken” when it succeeded in making a name for TrueCurrencies (TUSD). September 2022, TrustToken decided to focus on research and development of DeFi products for businesses and financial institutions under a new brand of Archblock. Alex de Lorraine, Archblock’s chief financial officer and chief operating officer, told Bloomberg News that the decision to move funds to Capital Union in recent days was the result of worsening banking conditions for money businesses electronics in the US.

Source

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