First published 2 September 2020. The token had been live since 2018. Expanded in October 2026 for the change of operator and for the reserve case, so an attestation is not described as cash in a drawer. TUSD is a token that aims at one dollar. TrustToken’s own timeline puts the launch in March 2018. You do not mint it by locking collateral in a contract the way Dai is minted. A company mints it and, when redemption is open, redeems it. The chain only moves the token. What is Tether (USDT)? and What is USDC? are other company dollars. What is Dai (DAI)? is the collateral one. Stablecoins: useful, not magic is the general case. TUSD is not any of them.
S&P’s November 2024 note said an Asia-based consortium called Techteryx took ownership in October 2020 and full management in July 2023, from TrueCoin, a subsidiary of Archblock. The name on a website is not a list of the bank accounts. Minting and redemption are that company’s process. A paused redemption is a company decision. It is not a halt of Ethereum.
A report is not a list of the assets
The project publishes attestations, including a feed it has described as proof of reserves. A feed is a number a contract can read. What is Chainlink (LINK)? is the network one of those feeds used. The number is not the bank statement, and it does not name every asset in the account.
On 24 September 2024 the SEC announced settled charges against TrueCoin and TrustToken. The complaint alleged that TUSD had been marketed as backed by dollars while a large share of the reserves sat in a speculative offshore fund, and that by September 2024 almost all of the reserves were in that fund. The companies settled without admitting or denying the allegations. A settlement is not a new dollar, and it is not a statement that today’s reserves are the ones described in that complaint. In the same season S&P published a stability assessment it scored weak, and said the public information did not show what the reserve assets were. Read the date on the report you are looking at.
TUSD has been issued on more than one chain, and it has been bridged onto others. A balance on TRON is not a balance on Ethereum. The wrong network is still the wrong city. There is no fixed cap. Supply is what has been minted and not burned. A market-cap line is a price times that figure. It is not proof the reserves could be paid out tomorrow. Nothing here is an instruction to mint, redeem, or buy TUSD.
