TUSD Ownership Change

Governance Maintenance
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Hey folks, Rafael CEO of TrustToken here. Today we announced that ownership of TUSD is moving over to an Asia-based consortium that will be working with Tron to develop and grow the product. We believe TUSD is the same strong product you know and love and this shouldn’t require any change to its level of integration in AAVE. In fact, given the new ownership of TUSD, I think you might see increased usage on AAVE, which would benefit everyone.

Additionally, in the interest of transparency with communities such as AAVE, we’ve made this public announcement several weeks in advance of the smart contract ownership moving over. Some details:

  1. TrustToken Inc. will continue to manage the operations, compliance, and banking relations of the TUSD product.
  2. There are no smart contract upgrades planned at this time, we’ll of course let you know if/when we expect any changes.

I’m available here for any comments and questions and looking forward to increased usage on the AAVE platform.

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Thanks for the update @rafaelcosman

Could you share more about the new owners with the community?

Is your team still leading the technology and smart contracts?

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Hey @Alex_BertoG - happy to share more. Yes we are still working on TUSD, but are no longer the ultimate owners of the product/business line- some info about the new owner (Techteryx) is below. Overall, it was clear to us that more resources would be required to grow TUSD to be at the scale of USDC or USDT, and we believe partnering with the Techteryx consortium will accomplish this.

Info about Techteryx the acquirer of TUSD:

The acquisition of TUSD is led by Techteryx, an Asia-based conglomerate with businesses in Hong Kong, Singapore, Guangzhou, Shenzhen, Beijing etc. in the traditional real estate, entertainment, environmental, and information technology industries.

The conglomerate sees a significant unmet need for financial innovation in global amongst traditional sectors, and have identified cryptocurrencies and in particular, stablecoins, as a key part of the next generation of financial products and services that is capable of driving significant adoption.

For purposes of acquiring TUSD, they have created a joint venture led by Ms. Jennifer Jiang, the largest owner and a business executive with prior experience in the traditional financial industries in mainland China and Southeast Asia, including Singapore and Hong Kong. Ms. Jiang has previously led the acquisition of over a dozen companies, currently worth over US$3.0 billion and is deeply connected with traditional industries.

The private keys are managed in the same way as before, by the new TUSD management team with multisignature, a Gnosis SAFE (gnosis-safe.io) solution. All TUSD funds are held at fully licensed and regulated banks and trust companies in the United States and Hong Kong, including PrimeTrust (https://www.primetrust.com/), Silvergate Bank (https://www.silvergatebank.com/) and First Digital (https://1stdigital.com/ 1). All funds are held in FBO accounts for the benefit of TUSD token holders and cannot, under any circumstances, be withdrawn by its owners for any proprietary use. All minting and redemptions of TUSD will continue to be verified by these custodians and banks regulated by U.S. and Hong Kong regulators before any TUSD can be created or burnt.

Two key points:

  1. The same TrustToken team will continue to be involved in running TUSD and for compliance and management of the underlying reserves
  2. The underlying reserves will continue to be audited and attested to on a live basis by Armanino LLP, a top 25 accounting and audit firm based in the US (https://www.armaninollp.com/) who, in addition to live attestations of stablecoins, also provide “proof of reserves” audits for exchanges (Proof of Reserves | Armanino).

None of these core features of TUSD will change based on the new ownership.

Points of contact for the new TUSD team:

We do think overall the future for TUSD is now stronger than ever- we’re expecting more usage, liquidity, volume, borrowing, etc. in the coming months.

Let us know what other questions we can help answer.

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Hello, Annabel from TrueUSD here!

As @rafaelcosman has stated above, the new TrueUSD team will continue to work with the Trust Token team on the TUSD product on compliance, banking relations, etc. TUSD will remain the same trusted and beloved product, just with further support in marketing budget, liquidity, customer success, and engineering resources.

I think Raf has covered pretty much everything! But if there are any more questions we can answer, please let us know.

Not to mention, we are absolutely excited to continue working with the AAVE community in growing TUSD and AAVE usage.

Excited for what 2021 has in store for TUSD, and that most definitely includes what we can do together with AAVE!

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