TUSD began as TrustToken’s transparent-dollar experiment. The business moved to Techteryx, most disclosed collateral became tied to illiquid investments and litigation, and the token still trades through contracts with human override keys.
TrueCoin launched TUSD inside TrustToken in March 2018. Monthly attestations, then Armanino’s faster dashboard, made visibility part of the product identity.
December 2020 agreements moved operations and reserve rights to Techteryx. TrueCoin kept transition duties until July 2023, so sale date and operational handoff are not the same event.
Anyone can receive the bearer token on a supported network. Direct minting and redemption require a verified platform account, bank checks and compliance review; U.S. persons are excluded.
The terms let the company or banking partner refuse service and disclaim a guaranteed redemption right. A market peg therefore depends on exchange liquidity and an issuer service that most anonymous holders cannot compel.
The latest Moore report showed more reserve assets than publicly circulating TUSD at cost. It also placed almost all disclosed collateral at First Digital Trust in instruments described as not readily convertible to cash and subject to litigation.
The report did not value those assets at fair value or assure internal controls. Techteryx says it arranged alternative liquidity, but the reviewed materials do not establish its amount, provider or priority.
Ethereum TUSD is a proxy. Its implementation can check a Chainlink-delivered reserve figure before minting, but authorized roles can alter the feed, heartbeat or enabled state.
The control chain can mint, blacklist, destroy blacklisted balances and upgrade logic. Chainlink transports Moore data and calls it a non-attest service; the feed is a software gate, not an independent view into every bank account.
The SEC accused former operators TrueCoin and TrustToken of misleading sales while reserve money entered a risky offshore fund. They accepted judgments without admitting or denying the allegations; Techteryx was not the named defendant in that case.
Singapore and DIFC courts later handled reserve-related claims and asset-preservation orders without finally resolving every fraud or ownership question. A January 2024 underpeg showed that accounting excess at cost and immediate market confidence are different tests.
TrueUSD now advertises a future optional 1:1 move to USDD while promising TUSD continuity. Until timing and implementation appear, that is a plan rather than a completed identity change.
Attestations become the trust product.
Techteryx acquires TUSD assets and reserve rights.
TrueCoin stops operating TUSD.
Kaiko records $0.9841.
Former operators accept judgments without admissions.
Interim injunctions continue; merits remain open.
The document is marked Last Updated 2 February 2026 and describes conditional redemption; that date alone does not establish when these conditions changed.
Last evidence review: 2026-09-04
TUSD is a dollar-referenced token first issued by TrueCoin under TrustToken and transferred to Techteryx. It circulates natively on four named networks and through bridges elsewhere; verified customers may use the issuer platform to mint or redeem under its terms.
A one-dollar market target is easy to mistake for a legal promise. TUSD separates a tradable bearer token from a screened service account, reserve assets whose ownership and liquidity are disputed, and contracts whose administrators can change or freeze important behavior.
Eligible users send funds through banking partners and receive newly minted TUSD; redemption burns tokens and depends on checks and liquidity. On Ethereum an upgradeable token proxy follows a controller. Minting currently consults a Chainlink-delivered reserve figure, while authorized roles retain mint, blacklist, destruction, feed and upgrade powers.
No. The terms offer a platform process to eligible verified users, permit refusal and expressly avoid guaranteeing redemption or exchange.
No. It is a point-in-time assurance report at cost. It does not determine fair value, audit full financial statements or assure internal controls.
It reported assets above public circulating tokens at cost, while saying substantially all First Digital Trust collateral was illiquid and involved in litigation.
On Ethereum, authorized control can blacklist accounts, block transfers, destroy blacklisted balances and upgrade the proxy; terms also reserve migration and fork-freeze powers.
No. The feed transports MooreHK balance data; Chainlink labels it a non-attest service based on third-party information.
No. Former operators settled SEC charges without admissions, and reserve cases include interim rulings rather than a final decision on every fraud and ownership claim.
No. The current announcement describes an optional 1:1 swap whose timeline will be announced later and says TUSD will continue.
Choose a tracking site for TrueUSD:
