What Happened on Feb. 17th | Replacing $BUSD with $TUSD？
Binance had minted $50 million worth of TrueUSD stablecoin ($TUSD), leading to rumors that $TUSD could play a larger role in trading on Binance due to regulatory issues with Paxos-issued Binance USD.
According to 0xScope, an on-chain analysis protocol, money flow shows that in 2023 the same wallet addresses also minted: $4.99B $BUSD and $1.37B $USDC. This is the first time the address minted $TUSD ever, this could suggest Binance may use $TUSD as a new stablecoin on its exchange.
$TUSD was originally a product of TrueFi, while now it was no longer the ultimate owner of the product/business line since 2021, although the TrueFi team continued to be involved in running $TUSD for compliance and management of underlying reserves. A company called Techteryx now owns the $TUSD business , which is an Asia-based conglomerate with businesses in Hong Kong, Singapore, Guangzhou, Shenzhen, and Beijing in the traditional real estate, entertainment, environmental, and information technology industries.
When digging deeper, it appears that Techtery is based in Shenzhen, China, according to a research report from Galaxy Research.
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