2023-07-15 16:11:25
The crypto world cannot really be said to have a very basic characteristic of stability and permanence. However, stablecoins are considered quite stable in their own way from the perspective of investors. However, it seems that the storm clouds are approaching here as well. On July 13, TUSD’s official Twitter account announced that TUSD’s ownership would be transferred to an Asian consortium called Techteryx. What are the risks involved in transferring ownership of TUSD? Basically, the interesting thing regarding the story is how quickly and quietly the handover took place. In addition, it is quite worrying that too much cannot be known regarding Techteryx appearing out of nowhere. Kaiko’s analyst wrote that while Circle does an incredible job of making USDC operate with the most transparent reserves and infrastructure possible, almost nothing is known regarding the background behind TUSD. AND the fluctuation of a stablecoin can cause serious ripples throughout the crypto sector, just think of the problems caused by the volatility of USDC or BUSD. And although TUSD is not such an important stablecoin, it has an ever-increasing market share due to Binance, and any issue related to Binance can have serious effects. In any case, Tether’s market share is not in danger. Not even though TUSD’s market share jumped from 1% to 19% in three months thanks to Binance’s support. For example, the BTC-TUSD pair can be traded on the platform free of charge. But the question is really what kind of problem can the crypto market have if TUSD operates with an opaque structure. And what can be seen from it is not encouraging either. PrimeTrust is the custodian whose audit was signed by the same person who was also involved in the FTX scandal. TUSD’s oracle for checking reserves consists of only 17 nodes that come from a single source. So everyone on the crypto market should keep an eye on the evolution of TUSD’s situation.
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