Source: Messari

Author: John_TotalValue_Locke

Key Points

The supply of TUSD has decreased for the first time this year to 2.3 billion US dollars, while the number of holders has remained relatively stable.

Due to the reduced prominence of TUSD in the Tron DeFi ecosystem in the fourth quarter, TUSD's trading volume also experienced its lowest quarter of the year.

TUSD continues to advance transparency by introducing Chainlink's Proof of Reserves and adding a new partner at the end of Q4 to provide daily reserve proof.

I am a professional in the encryption industry. Please translate the following Chinese text into English without considering the context or industry-specific terms and names. Do not omit any English words or phrases, including capitalized ones such as ZKS, STARK, and SCROLL. If there are English characters in an tag, do not translate them and return the tag as is. If the content consists only of punctuation marks, return them as is. Do not translate HTML tags such as

, , , and

. If an HTML tag contains English characters, omit the translation and return the tag as is. Please preserve the content within tags and do not translate any Chinese characters. The text to be translated is:

Introduction

TrueUSD (TUSD) is a fully collateralized stablecoin that combines the security of real-world assets with the efficiency of blockchain technology. TUSD is minted and redeemed through smart contracts while ensuring real-time on-chain verification of sufficient funds to back the coin. This process is supported by The Network Firm LLP, a US auditing firm specializing in cryptocurrencies, and Chainlink's Proof of Reserve, which provides additional transparency and trust in available reserves.

Archblock (formerly known as TrustToken) was founded in 2017 and launched TrueUSD (TUSD) in March 2018. It aims to support cryptocurrency trading and serve as a stable value store and exchange medium for global transactions. In December 2020, TrustToken announced a transaction where "ownership of TUSD is being transferred to an Asian consortium." According to the CEO, "the acquisition of TUSD is led by Techteryx." Starting from July 13, 2023, Techteryx took over operations in all markets outside the United States, including minting and redemption, while Archblock continues to serve US customers.

TrueUSD has established its position globally and has been listed on multiple trading platforms such as Binance, HTX, and Upbit, facilitating trading on over 160 markets and more than 20 OTC platforms across five continents.

Key Indicators

Performance Analysis:

Supply and Reserve

The supply of TUSD has significantly increased in the first half of this year, from approximately 750 million in circulation to over 2.3 billion by the end of the year. In the fourth quarter, TUSD on TRON decreased by 30%, while TUSD on Ethereum decreased by 61%. As of the end of 2023, the circulating supply of TUSD on TRON is 1.9 billion and 196 million on Ethereum. The chart reflects that the redemption of TUSD is often large-scale rather than gradual, such as the destruction of 122 million TUSD on December 7th.

In February 2023, TUSD reported its reserves through Chainlink's Proof of Reserve, as reported by The Block. This move puts TUSD at the forefront of stablecoin transparency. TUSD uses third-party verification, which is then reported on-chain by the oracle provider Chainlink. The Network Firm is the third-party data provider. Chainlink's Proof of Reserve has three ways of reporting data: self-reported, third-party reported, or directly from the custodian. The data comes from The Network Firm and is transmitted to the blockchain through 16 oracles, with a minimum requirement of 11 oracles.

On December 28th, TrueUSD announced another partnership to increase reserve transparency. TUSD will now release daily reserve attestations through Hong Kong accounting and consulting firm MooreHK. The announcement can be found at https://chainwire.org/2023/12/28/tusd-engages-leading-accounting-firm-moorehk-to-provide-attestation-service-on-its-fiat-reserve/.

Anchor Status

TUSD's average daily fluctuation range in 2023 is less than half a cent, with a median daily fluctuation range of 0.0028 USD. This highlights its anchored stability, although it lags behind the more liquid top competitors USDC and USDT (which have a median daily fluctuation range of less than 0.002 USD in a year). For TUSD, the first quarter's volatility was mainly driven by regional bank crises and USDC's decoupling, which affected most stablecoins. In June, brief concerns about TUSD partner bank Prime Trust led to a rapid sell-off of the stablecoin. Some of the low points in December shown in the chart were on smaller trading platforms with lower trading volumes, which may reflect year-end illiquidity rather than problems or pressures caused by TUSD.

Usage: Trading volume, holders, and TRON DeFi

The trading volume of TUSD reached its peak in the second quarter of this year, just before Prime Trust suspended redemptions in June. There were still over 10 billion TUSD transfers in the fourth quarter, with over 8 billion on TRON alone. Prior to December, trading volume was characterized by very little activity and significant fluctuations. For example, although the average daily trading volume in December was $117 million, higher than the average daily trading volume of $77 million from October to November, the standard deviation of daily trading volume was much smaller in December ($159 million) than in October and November (daily trading volume standard deviation of $238 million). The median daily trading volume in December was $38 million, compared to only $34 million from January to November. The return of the bull market in December and the increase in trading activity should lead to more consistent use of TUSD.

Despite the increase in supply of TUSD, the number of unique addresses holding the stablecoin on Ethereum and TRON has remained almost unchanged in 2023. On TRON, a large portion of TUSD is held on Binance. As of the end of the year, the three largest holders of TUSD were marked as Binance wallets, holding 97%, 1%, and 0.8% of the TUSD supply. The team is focused on growth integration and partnerships, aiming to further expand to new stablecoin users (further discussed in qualitative analysis).

Throughout the year, TUSD played an important role in the Tron DeFi ecosystem, with billions of dollars deposited into JustLend at different times. However, by the end of the year, only about 2.8 million TUSD were deposited in the three largest DeFi protocols on Tron. Nearly 49 million TUSD were stored in unmarked accounts, of which about 90% were likely held in external accounts rather than smart contracts. By the end of the year, 97% of TUSD on Tron were stored in centralized exchange accounts.

Qualitative Analysis

Integration and Cooperation

TrueUSD (TUSD) has been actively expanding its partnerships and integrations, enhancing its ecosystem, and promoting the adoption and growth of stablecoins. On October 2, Binance Pay included TUSD in its promotion, offering users significant discounts and token vouchers, which could increase TUSD's visibility and utility on the platform. Subsequently, TUSD partnered with Liquid to hold a Black Friday event, offering significant discounts and rebates to users who shop with TUSD. This event further incentivized the use of TUSD as a payment method for goods and services.

In addition, the practicality of TUSD has been further expanded through various strategic integrations:

· IvendPay integrates TUSD into its payment system, expanding its usability in real-world transactions.

欢迎加入律动 BlockBeats 官方社群：

Telegram 订阅群：https://t.me/theblockbeats

Telegram 交流群：https://t.me/BlockBeats_App

Twitter 官方账号：https://twitter.com/BlockBeatsAsia