In June 2023, TrueUSD (TUSD) experienced significant growth and adoption across multiple blockchain ecosystems. With a circulating supply reaching 3,059,838,623 TUSD, backed by dollar reserves of over $3 billion, the stablecoin is gaining more recognition in the crypto markets.

TUSD showed wide distribution across various networks with TRON leading the way with 2,297,017,674 TUSD, Ethereal laggard with 729,591,343 TUSD, and BNB Smart Chain (Native) with 30,097,865 TUSD. Avalanche, BNB Beacon Chain, Fantom, Polygon, and several other networks also supported a sizeable amount of TUSD.

The growing adoption of TrueUSD was further evidenced by its integration across different platforms and protocols throughout the month. Web3 shopping platform UQUID adopted TUSD as a payment option on June 5, giving users a new method to shop. TUSD has also joined Megaton Finance in the TON network, expanding its presence in the financial sector.

Binance, the world-renowned cryptocurrency exchange, played a significant role in promoting the adoption of TUSD during June. Initiated a TUSD contract swap on BNB Smart Chain and upon successful completion launched phase 34 of new token mining, which supports TUSD mining. Binance’s Auto-Invest platform added TUSD as a payment option and supported exchanging the new native TUSD on the BSC network for TUSDOLD, offering users a seamless conversion process.

Venus recognized the growing importance of TUSD by launching the VIP-129 proposal to support the new native TUSD, and after its approval, the token market went live. In addition, Pancake V3 introduced TUSD Syrup Pool and Farms, giving users more opportunities to earn rewards.

TrueUSD’s reach was extended to Kraken, another major crypto exchange, which allowed TUSD deposits and withdrawals on the TRON network in late June. Binance further cemented TUSD’s position by launching a zero maker fee promotion for all existing TUSD spot and margin trading pairs and added BCH/TUSD and CFX/TUSD trading pairs to its platform.

Along with these product developments, TrueUSD has made strides in community engagement through various campaigns. Binance C2C and Binance Earn launched limited-time campaigns, offering new users the chance to win up to 175 TUSD. PancakeSwap’s UquidParty online campaign and TUSDQuiz on Telegram created interactive opportunities for participants to win a share of TUSD prizes.

It is worth noting that despite TrueUSD’s claim to have launched as the “first USD stablecoin to be operated by a regulated operator”, it could face certain challenges. TrueUSD’s technology partner, Prime Trust, has been dealing with serious issues. Insolvency rumors swirled around Prime Trust in early June. This situation escalated on June 22 when the Nevada Department of Trade and Industry issued a cease and desist order against the company. Consequently, Prime Trust abruptly halted all fiat and cryptocurrency deposits and withdrawals.

However, TrueUSD denied any impact from the Prime Trust situation. In a recent tweet, the company stated: ‘Prime Trust has suspended all deposits of fiat and digital assets. However, #TrueUSD (#TUSD) is not affected by this development. We do not have any exposure to Prime Trust and hold multiple USD rails to mint and redeem. Rest assured that all your funds with TUSD remain safe.’