Trust Reserve Stablecoin Team Detained in China A Trust | Bitcoin Industry

Trust Reserve Stablecoin Team Detained in China

A Trust Reserve stablecoin team was detained by police in China on May 29.
The news outlet reported that the team “had been taken away by the police and detained, and the family members of some employees had been notified.”

The office in Shanghai was vacant and had a seal of “Judicial Seizure, Strictly No Vandalism,” on it.
Trust Reserve had products including stablecoin CNHC and the Hong Kong dollar stablecoin HKDC.

HKDC is a stablecoin pegged to the Hong Kong dollar backed one-to-one, and CNHC is a stablecoin pegged to the offshore RMB, also backed one-to-one.

Trust Reserve also completed a $10 million A+ fundraising round, led by KuCoin Ventures and followed by Circle and IDG Capital.