TrueUSD ($TUSD) has seen its market cap soar from around $950 million to approximately $2 billion over the past three months. This growth is partly due to Binance adopting $TUSD as one of its zero-fee trading pairs. However, the ownership of TurseUSD has been a mystery.
In 2020, the ownership of TrueUSD changed when a mysterious conglomerate called Techteryx purchased the stablecoin. The official announcement described Techteryx as an “Asia-based consortium that will be working with TRON.” The announcement on the MakerDAO forum tried to respond to claims that “TUSD’s new ownership is Justin Sun” by stating unequivocally, “no it is NOT.”
Sun recently tweeted that he is a “partner market maker.” He made this claim during his attempts to explain the large transfer of TrueUSD to Binance that appeared to take advantage of the $SUI Lunchpool the exchange was running.
The TrustToken team, which later rebranded as Archblock, continues to be involved in the minting and redemption of $TUSD, as well as managing the underlying reserves. However, the private keys have been handed over to the Techteryx engineering team, contrary to the original announcement that stated the conglomerate had no intention or ability to deal with private keys or technological matters.