Who Is Behind TrueUSD?
Amid the growth of TrueUSD stablecoin, the community is puzzled by its ongoing support from Binance. Also, rumors are spread about the project's possible connections with Tron's Justin Sun. TrueUSD says the latter is not True.
TrueUSD has recently attracted the attention of the crypto community. More recently, crypto community members wondered why Binance was actively promoting stablecoin after abandoning its own BUSD. After that, TrueUSD was again in the spotlight when Justin Sun transferred $56.1 million to the Binance pool.
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TrueUSD is a stablecoin fully backed by the US dollar. Stablecoin was launched in January 2018 by the TrustToken token creation platform. Stablecoin works on Ethereum, TRON, Avalanche, Polygon and other blockchains. At the time of writing, according to CoinGecko, the market capitalization of TUSD was $2 billion.
Recently, rumors began to spread that Justin Sun bought TrueUSD. This was tweeted by analyst Adam Cochran, also referring to the Protos article.
In the Protos article, journalists report that in 2020 TrueUSD became the property of Techteryx, with which Justin Sun is allegedly associated. In one of the announcements, TrueUSD team talked about a new stage for the stablecoin related to the cooperation of the Asian consortium and the development of TrueUSD on the TRON blockchain.
”Today, we’re proud to announce TUSD will enter the next stage of its growth. Ownership of TUSD will be moving over to an Asia-based consortium that will be working with TRON to develop TUSD on Ethereum, TRON, and other blockchain networks.”
It is worth noting that we could not find any information about the Techteryx consortium and its employees.
Protos's journalists also shared a link to the archived version of the TUSD website, where Justin Sun is represented as an adviser on the Asian market. However, now, the founder of Tron is not listed in the TUSD employees section.
TrueUSD's Twitter account had not left the rumors unanswered. They rejected any connection with Justin Sun and threatened legal remedies.
Adam Cochran replied on Twitter that the court case could help to find out the truth from the owner of TrueUSD and prove the involvement of Justin Sun in the activities of the stablecoin.
While there was a discussion on Twitter, the founder of Tron himself did not comment on the rumors in any way.
The quest to find the actual owners of TUSD is not new. In light of Binance's promotion of TUSD, Kaiko experts shared their concerns about the lack of transparency on this.
Meanwhile, TrueUSD's business is going uphill. On Twitter, the stablecoin's team noted that April was a very successful month for them because and trading volume had reached $40 billion – a six-time increase over March. Also, TrueUSD team shared the growth of the stablecoin on the TRON (!) blockchain in May. An interesting trolling just two days after their refutation tweet.
This is not the first time Justin Sun has concealed his involvement in this or that project. For example, the acquisition of the Huobi exchange was hidden for a long time. So the rumors about his connection with True USD may have grounds. H.E. Sun's reasoning for such tactics, however, is unclear. Share your opinion in the comments, while we continue to Observe.
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