Archblock manages about $2 billion in reserves to back the TrueUSD coin. She now has about $1.4 billion in her account at Nassau-based Capital Union Bank.
According to Archblock Chief Financial and Operating Officer Alex de Lorraine, the decision to transfer reserves to Capital Union was due to deteriorating banking conditions for the cryptocurrency business in the United States. The recent collapses of the Silvergate, Signature and Silicon Valley banks only underscore the dangers of vague laws governing cryptocurrencies, the businessman says.
If companies like Archblock were allowed to work with banks like Citi or JPMorgan, “I doubt you’d see the kind of volatility that you’ve seen over the past 72 hours,” de Lorraine said Tuesday evening, March 14.
Previously, the trading volume of the stablecoin TUSD doubled after major cryptocurrency exchanges, including the Binance exchange, introduced zero commissions for trading TUSD in pairs with leading cryptocurrencies. According to CoinGecko data, on February 22, the supply of the token was $970 million, and on March 15, the volume already exceeded $2.03 billion. The daily trading volume of the token increased from $58.3 million to $72.6 million, by 24%.
TrueUSD, which was created by the TrueFi DeFi protocol team, runs on the Ethereum, TRON, and BNB Smart Chain blockchains. Its tokens are issued by the TrustToken platform.
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