The company that issues TrueUSD, Singapore’s Techteryx, announced on Monday morning, Asia time, that minting and redemption have been halted for its customers who bank with Signature Bank, but that these operations have continued undisturbed throughout the company’s other banking networks.
The issuer of stablecoins revealed in a report that was published in December that it stores its holdings at a number of different depository institutions in the United States, Hong Kong, and the Bahamas.
The whole value of TrueUSD’s market cap is just slightly more than $2 billion. According to information provided by Nansen.ai, Binance is the cryptocurrency exchange that has the most TrueUSD in its reserves, totaling $428 million. At this time, TrueUSD has been dislodged from its previous position and is currently trading on Binance at $0.997.
Although Coinbase is able to conduct transactions through other banking partners, the company claims that it has 240 million dollars in cash stored with Signature bank. Paxos also stated that it has $250 million at Signature Bank, although the company claims that it has private insurance on deposits that are greater than what the FDIC will cover.
