TrueUSD attestation pauses amid concerns surrounding collateral

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Justin Solar-backed dollar-pegged stablecoin TrueUSD is going through difficulties with attestations for its underlying reserves.

In accordance with data from LedgerLens, a real-time reserve steadiness dashboard displayed on the TrueUSD official web site, over the past reporting interval the system obtained API errors or a non-response from the pricing supply and was unable to use a U.S. greenback worth to the collateral belongings for that time limit.

TrueUSD attestation pauses amid concerns surrounding collateral - 1
TUSD automated attestations | Supply: TrueUSD

In consequence, the system obtained errors from third-party methods “ensuing within the sum whole of liabilities being larger than the sum whole of the related belongings.”

“Generally, over the historic operation of the system, the Balances ripcord is triggered by momentary imbalances seen in regular operations. Nonetheless, the Balances ripcord will also be triggered on account of an precise imbalance of liabilities and corresponding belongings.”


On the time of writing, TrueUSD has made no public statements on the matter.

This isn’t the primary occasion of TrueUSD going through difficulties with attestations. In June 2023, the stablecoin temporarily halted its automated attestations on account of steadiness discrepancies, only a week after grappling with glitches.

TrueUSD is understood to have funds supporting its TUSD tokens distributed throughout numerous places, together with federally insured U.S. depository establishments, an undisclosed Hong Kong depository establishment (previously First Digital Belief), an undisclosed Bahamian depository establishment (previously Capital Union Financial institution), and a Swiss depository establishment.

In October 2023, a safety breach involving a third-party vendor exposed sensitive client data at TrueUSD, which turned conscious of the incident by means of TrueCoin, its former service supplier accountable for the corporate’s banking, buyer, and product administration. Whereas the incident didn’t compromise TrueCoin’s inner IT infrastructure, it disclosed sure shopper info information, together with names, e mail addresses, and cellphone numbers, affecting those that had joined the platform between 2018 and 2019.

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