TrueUSD (TUSD), a stablecoin, has managed to regain its one-to-one parity with the US dollar after a three-day divergence. The stablecoin had deviated from its $1 mark on June 10 following concerns raised by the community about its minting and redemption processes. 

The team had halted minting activities via Prime Trust, a Nevada-based crypto custodial firm, leading to the stablecoin’s value dropping to as low as $0.9957 on June 11. It has since recovered and is back at $1.

The deviation from the $1 mark had sparked speculations about the solvency of Prime Trust, especially since its parent company, Prime Core Technologies, had recently entered into a non-binding term sheet with BitGo to acquire all of its equity.

 Despite these concerns, TUSD maintained that its minting and redemption services were unaffected as it still had partnerships with other banking institutions. However, several users raised issues about their redemption requests.

In response to these concerns, a TUSD representative stated that Prime Trust would continue to process lower-volume redemptions and suggested Flowbank as a reliable and cost-effective option for redeeming and wiring these currencies. The TUSD team is currently working towards resuming TUSD minting on Prime Trust.

During this period of instability, TUSD’s market cap declined by nearly $40 million but has since recovered $10 million after regaining parity. As of now, its market cap stands at $2.03 billion. 

Despite these issues, data from Kaiko indicates that the BTC-TUSD pair on Binance has become the most traded BTC market in crypto, accounting for 61% of all BTC volume on the exchange.