TrueUSD (TUSD) Supply Grows, TrustToken Project Attracts Key Round of Financing

TUSD is actively exchanged for Tether (USDT), allowing for an easier on-ramp to crypto trading.

TrueUSD (TUSD), the fixed-price digital asset, has grown significantly - from just around 4 million tokens to the current climb to above 62 million tokens issued. Trust Token, the company behind TUSD, comes up with monthly accounts of the presence of the exact funds available.

https://twitter.com/TrustToken/status/1008860079657893888

The spike in supply from 43 million to 62 million tokens happened quickly. TUSD transactions are sometimes bundled, so it is unknown how the tokens are issued. Currently, all TUSD tokens are held in around 402 wallets, but they are quickly sent to exchanges.

Etherscan reveals transactions of round numbers of tokens, from 300,000 to 750,000, increasing the supply quickly. The behavior of the TUSD wallet shows that tokens are being created, with the possibility of TrustToken having contacted large institutional investors.

While TUSD shows organic growth with small transactions, those round-number, fast gains in supply are starting to recall the behavior of Tether (USDT), which minted its supply fast.

TrustToken Draws In Strategic Financing

For TUSD, the increase in supply coincides with the completion of a strategic partnership, drawing in $20 million from various institutional investors.

https://twitter.com/TrustToken/status/1008817550375956480

The investors include Andreessen Horowitz, BlockTower Capital, Danhua Capital, GGV Capital, and others. The funds would go toward developing the tokenization of assets, starting with the TrueUSD project. It is uncertain if any of the funds went directly into TUSD purchases. However, the project is set to grow, and may become one of the influential sources of liquidity in the crypto market.

“The support of these leading investment firms represents a significant step towards our goal to build a compliant tokenization platform for currencies, commodities, and real-world assets. We will draw on the combined expertise and network of these firms as we grow our industry partnerships and extend the reach of our first product, TrueUSD,” said TrustToken CEO Danny An.

Tethers Remain The Most Influential

As for Tethers, the total supply has expanded to 2.8 billion tokens, and the circulating supply is 2.6 billion. However, volumes have fallen to about $2 billion in 24 hours. But as attitudes to the crypto market are cooling off, fixed-price tokens are there to preserve liquidity. $2 billion in trading is significant, given the entire market volume has fallen to $11 billion, down 75% from peak levels.

This has caused the share of USDT trading to remain high, at more than 16.9% of the entire crypto market.