Archblock Moves TrueUSD Reserves to Bahamas Bank
According to reports, Archblock, the issuer of TrueUSD stable coins, has transferred $1 billion of reserves supporting the token to a bank in the Bahamas. An in
According to reports, Archblock, the issuer of TrueUSD stable coins, has transferred $1 billion of reserves supporting the token to a bank in the Bahamas. An independent accounting firm released real-time proof on Wednesday that Archblock oversees approximately $2 billion of reserves supporting its TrueUSD stable currency and currently holds more than $1.4 billion in funds at Nassau Capital Union Bank. This is an increase from $438 million on March 10th. (Bloomberg)
Archblock, the issuer of TrueUSD stable currency, transferred $1 billion of reserves to the Bahamas
Analysis based on this information:
Archblock, the issuer of TrueUSD stable coins, has moved $1 billion of reserves supporting the token to the Nassau Capital Union Bank in the Bahamas. This move was confirmed by an independent accounting firm, which released real-time proof on Wednesday that Archblock is currently overseeing approximately $2 billion of reserves for its TrueUSD stable currency. The increased amount of funds held in the Bahamas bank, from $438 million on March 10th to over $1.4 billion now, reflects the growing demand for TrueUSD as a stable digital currency.
The move to the Bahamas bank indicates that Archblock is diversifying its investments and seeking to mitigate risk. This aligns with the company’s goal of providing a stable alternative to cryptocurrencies, which are known for their volatility. By holding a portion of its reserves in a secure, offshore location such as the Bahamas, Archblock can ensure that there is adequate liquidity to support the TrueUSD token if there is a sudden change in market conditions.
Furthermore, the move to the Nassau Capital Union Bank is also significant because the Bahamas is known for its strict regulations and compliance with international financial standards. This is in contrast to other offshore banking jurisdictions such as the Cayman Islands or Bermuda, which have been criticized for their lax regulatory environments. This adds an additional layer of credibility and transparency to the TrueUSD token, which is increasingly being used for international transactions and investments.
In conclusion, Archblock’s decision to move its TrueUSD reserves to the Bahamas bank is a strategic move that reflects a broader trend among stablecoin issuers to diversify their investments and mitigate risk. The move also strengthens the credibility and transparency of the TrueUSD token, which is becoming an increasingly popular alternative to volatile cryptocurrencies. As demand for stable digital currencies continues to grow, it will be important for issuers like Archblock to maintain high levels of liquidity and regulatory compliance in order to remain competitive and attract new investors.
This article and pictures are from the Internet and do not represent SipPop's position. If you infringe, please contact us to delete:https://www.sippop.com/5554.htm
It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.
Related recommendations
-
Yuga Labs Faces Accusations of Logo Plagiarism from Easy Drawing Guides
According to reports, according to Garga.eth, the co-founder of Yuga Labs, in social media, there are similarities between the Bored Ape Kennel Club (BAKC) log…
-
Former US Bank Regulator Joins Hedera Hashgraph-Based Foundation
It is reported that Brian Brooks, the former acting director of the United States Office of the Comptroller of the Currency (OCC), has joined the HBAR Foundati…
-
Investors Anticipate End to Federal Reserve’s Interest Rate Hike Cycle
According to a recent article by Nick Timiraos, the \”shadow official\” and mouthpiece of the Federal Reserve, more investors are currently anticipating that the
-
Possible Connection to Phishing Scams as Suspicious Transfers are Identified
It is reported that according to CertiK monitoring, the EOA account address (0x29488) transferred 10 ETHs to Tornado Cash. The EOA address is related to the ph…
-
What virtual currency is ICO (what currency is ICO)
ICO What virtual currency According to official information, what virtual currency is ICO? ICO is a transaction issuance and settlement protocol based on blockchain networks. Essentially, it is a new type of ICO model (initial token sales) that utilizes distributed accounting technology to achieve openness and transparency of products such as goods and services in specific business scenarios; In practical applications, a cryptocurrency called Ico was issued based on Bitcoin as the underlying asset What is ICO virtual currency? The ICO project team hopes to use the ICO platform to solve many pain points in the current market with various products or solutions. ICO also provides corresponding investment services, including ICO related funds and early investors in ICO projects What is icoAccording to the official news of the ICO project party, the Initial coin offering (ICO) will be launched in January 2018. According to the relevant legal definitions and rules, the first is to raise funds or sell the raised…
-
What is CPU mining machine (CPU mining field)
What is a CPU mining machine CPU (CentralizedPool) is software that specifically provides computing and storage resources for computers. It is mainly used to execute complex instructions, such as processing transactions, sending requests, and other tasks To address the above issues, there are many solutions available for developers to choose from. For example, ASIC chips can be used to protect the block production process on the Bitcoin blockchain and conduct Cryptocurrency mining; GPU can also be used as its mining hardware. These solutions enable miners to obtain more data or rewards without running any software cpu mineAccording to Cointelgraph, the GPU (application specific integrated circuit) mine developed by CPU mining company Core Geth has been successfully deployed to the Ethereum main network. According to the latest data statistics, the top five CPU computing power mining pools are Titanswap, F2Pool, and Lbank. Among them, Titanswap accounts for over 65% of the hash rate share, accounting for approximately 20%; FileCoin is one…
-
The Growth and Significance of DeFi’s Total Lock-up Volume
It is reported that the on-chain data shows that the current total lock-up volume (TVL) of DeFi project is US $60.077 billion. Top five locked positions assets…
-
Digital Currency Group’s $630 Million Loan from Genesis Global Capital Set to Expire
According to reports, the $630 million term loan owed by Digital Currency Group (DCG) to Genesis Global Capital will expire next week.
DCG\’s $630 million term loan to Genesis Capit -
Multiple Apple computers have built-in Bitcoin white papers, customer service response: investigation will be conducted
On April 6th, it was reported that the Bitcoin white paper is suspected to have been pre installed in every Mac and MacBook operating system of Apple since 2018
-
##Table of Contents
According to reports, market data shows that Tornado Cash Token TORN briefly broke through $11 and has now fallen back to $10.13, rising by over 20% in 24 hours