A trader has opened a short position on the stablecoin TrueUSD (TUSD) following a mint halt and redemption through banking partner Prime Trust.
Ethereum users deposit 7.5 Million USDC, Another Stablecoin As collateral on Aave’s V2 platform, they used this to borrow 4 million TUSD and immediately sell it to USDC according to the network. Borrowing and spot selling are common strategies for opening short positions in specific assets.
TrueUSD (TUSD) announceEarlier this month, it announced it had stopped the new mint of TUSD through Prime Trust, a Las Vegas-based trust company, recently by the Financial Institutions Division of the Nevada Department of Business and Industry (FID). got outOrder for Prime Trust to cease execution
Issuer TrueUSD said in a statement that Prime Trust’s situation did not affect its operations.
TUSD is the fifth largest stablecoin after Tether USD (USDT), USD Coin (USDC), DAI and BUSD by market capitalization. $3.1 billionAccording to CoinGecko,
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