Analyst Oscar Ramos is doubling down on his bullish stance for XRP, warning that many will come to regret not going all-in on the asset.
This follows his earlier statement from two weeks ago, in which he urged investors to prioritize XRP amid shifting market momentum. Since that call, XRP has surged by more than 50%, validating his conviction.
XRP Surged 52.5% in Two Weeks Specifically, Ramos first advised making XRP a portfolio priority on July 10, just before the market’s latest breakout phase. At the time, Bitcoin had pushed to new highs and was helping to lift the broader altcoin market. XRP, benefiting from multiple positive developments, emerged as one of the top performers.
Since that tweet, XRP has rallied from around $2.40 to a high of $3.66 on July 18, a 52.5% gain in just two weeks. As of now, XRP is consolidating and trading at $3.49, still holding onto most of its gains, with a modest 0.85% increase in the past 24 hours.
Why the Rally Has Legs Notably, Ramos’ thesis is grounded in key factors beyond hype. His earlier tweet came amid a series of positive developments surrounding XRP’s ecosystem. These include Ripple’s push for institutional integration, the growing relevance of the RLUSD stablecoin, and mounting ETF speculation.
One major development was Ripple naming BNY as the official custodian for RLUSD, the XRP Ledger’s native stablecoin. The partnership aims to accelerate institutional adoption by linking traditional banking with blockchain infrastructure.
RLUSD, which uses XRP to settle fees, has also surpassed TrueUSD and Tron’s USDD, with a market cap exceeding $532 million.
XRP ETF Momentum and Whale Accumulation XRP also saw a flurry of ETF-related announcements during the same two-week period. ProShares was set to launch multiple futures-based XRP ETFs on July 14. Turtle Capital and Volatility Shares planned to follow with 2X leveraged versions on July 21.
As of press time, these products have not yet commenced trading. Their eventual launch would represent a major step toward making XRP more accessible to institutional investors, even as the SEC continues to delay decisions on more than ten pending spot XRP ETF filings.
Meanwhile, large holders are acting accordingly. Data from Santiment shows that the number of wallets holding at least one million XRP has reached record levels. These whales control more than 47 billion XRP.
Retail investors are also joining the trend. More recent data from Santiment shows that XRP’s climb coincided with the creation of 6,939 new wallets in a single day in July, the highest since March.
Also, Social media buzz has surged, with XRP capturing 5.5% of all crypto-related discussions, reflecting heightened retail interest.
“People Will Regret It,” Says Ramos For market watchers like Ramos, not prioritizing XRP amid this lineup of bullish factors could prove to be a major regret for crypto investors.
Indeed, some leading industry voices like Dave Portnoy are already publicly expressing remorse for fading XRP. Portnoy disclosed that he liquidated a $3 million XRP portfolio just before the coin surged by 60%.
However, not everyone agrees with focusing on a single crypto during this bull run. For instance, X user Nina argued that investors should avoid overexposing themselves to one asset and instead plan their strategies to mitigate risk.
Whether it is XRP or other cryptocurrencies, you should not invest all your money in one, you need to plan a strategy to avoid risks.
— NINA (@nina_NNLV) July 22, 2025
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
100 dollar bill on table (Live Richer/Unsplash/Modified by CoinDesk)Дефіцит резервів у розмірі 456 мільйонів доларів, який змушений Джастін Сан рятувати власники токенів стейблкоїна TrueUSD тепер є предметом всесвітній наказ про блокування активів підтверджено Цифровим економічним судом Дубая.
Спір зосереджується на тому, чи були кошти з резервів TrueUSD неправомірно направлені до Aria Commodities DMCC, торгово-фінансової компанії зі штаб-квартирою в Дубаї, яка фінансувала постачання товарів, гірничодобувні проєкти та інші неліківідні підприємства на ринках, що розвиваються, згідно з адвокат позивача.
Aria, яка є частиною групи підприємств, контрольованих фінансистом Меттью Вільямом Британом, отримала кошти у 2021 та 2022 роках через рахунки, керовані гонконгським довірчим власником First Digital Trust.
First Digital Trust не одразу відповіла на запит CoinDesk щодо коментаря.
Techteryx стверджує, що ці перекази порушили умови зберігання та перетворили грошові резерви на довгострокові позики та приватні угоди, які не могли бути викуплені, коли власники стейблкоїнів намагалися здійснити виведення коштів.
У попередні коментарі за даними CoinDesk, Метью Британ з Aria Group заявив, що питання ліквідності більше стосуються строкових зобов’язань.
«ARIA CFF ніколи не позиціонував [свою] стратегію як високоліквідну або підходящу для резервів стейблкоїна», – раніше заявив він CoinDesk.
У своєму рішенні, датоване 17 жовтня 2025 року, суддя Майкл Блек KC заявив, що Techteryx продемонструвала «серйозні питання, які потребують розгляду», і що кошти повинні бути заморожені, щоб запобігти їх переміщенню або прихованню до того, як суди Гонконгу зможуть визначити право власності.
Блек заявив, що він дійшов висновку, що Techteryx продемонстрував правдоподібні підстави стверджувати, що кошти перебували під конструктивною довірою, тоді як Aria не надала «жодних доказів» того, як були переведені гроші або хто володів активами, придбаними за них.
Він також зазначив «реальний ризик» того, що Бріттейн, контролююча особа Aria, може розпорошити або реструктурувати активи «щоб ускладнити виконання будь-якого рішення суду.»
Це рішення є першим у світі наказом про заморожування, який був виданий Судом з цифрової економіки Дубая.
100 dollar bill on table (Live Richer/Unsplash/Modified by CoinDesk)The $456 million reserve shortfall that forced Justin Sun to bail out the token holders of the TrueUSD stablecoin is now the subject of a worldwide freezing order upheld by Dubai’s Digital Economy Court.
The dispute centers on whether funds from TrueUSD’s reserves were improperly funneled into Aria Commodities DMCC, a Dubai-based trade-finance firm that financed commodity shipments, mining projects and other illiquid ventures across emerging markets, according to the claimant's counsel.
Aria, part of a group of entities controlled by financier Matthew William Brittain, received the money in 2021 and 2022 through accounts managed by Hong Kong trustee First Digital Trust.
First Digital Trust did not immediately respond to a request for comment from CoinDesk.
Techteryx claims those transfers breached its custody terms and turned cash reserves into long-term loans and private deals that could not be redeemed when stablecoin holders sought withdrawals.
In prior comments to CoinDesk, Aria Group's Matthew Brittain said issues of liquidity were more of a matter of term commitments.
“ARIA CFF has never held [its] strategy out as highly liquid, or appropriate for the reserves of a stablecoin,” he previously told CoinDesk.
In his ruling, dated Oct. 17, 2025, Justice Michael Black KC said Techteryx had shown “serious issues to be tried” and that the funds should be frozen to prevent them from being moved or concealed before Hong Kong courts could determine ownership.
Black said he found that Techteryx had demonstrated a credible claim that the funds were held on constructive trust, while Aria had provided “no evidence” of how the money was transferred or who owned the assets purchased with it.
He also cited a “real risk” that Brittain, Aria’s controlling mind, could dissipate or restructure assets “to frustrate the enforcement of any judgment.”
The ruling marks the first worldwide freezing order issued by Dubai’s Digital Economy Court.
According to breaking news, the $456 million worth of assets that Justin Sun gave to TechTeryx to save the stablecoin called TrueUSD were frozen by the Dubai court.
The Dubai Digital Economic Court has ordered a global freeze on funds linked to a $456 million shortfall in TrueUSD stablecoin reserves. This decision has revived the crisis that forced TRON founder Justin Sun to bail out TrueUSD token holders.
The dispute revolves around whether funds from Techteryx's stablecoin reserves were allegedly transferred improperly to Dubai-based trade finance firm Aria Commodities DMCC. According to the plaintiff's lawyer, Aria received these funds through accounts managed by Hong Kong-based First Digital Trust in 2021 and 2022.
Aria is reportedly part of a group of companies controlled by financier Matthew William Brittain, with funds received being used for commodity transportation, mining projects and other illiquid ventures in emerging markets.
Techteryx claims that these transfers violated custody terms and that stablecoin holders' withdrawal requests were not met by converting cash reserves into long-term loans.
Judge Michael Black KC issued a global freezing order to prevent the funds being moved or concealed, stating that Techteryx had raised “serious issues that require trial.”
*This is not investment advice.
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A Dubai court has frozen $456 million in assets linked to TrueUSD’s reserve shortfall, which Justin Sun previously covered to bail out token holders, CoinDesk reported today.
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According to the ruling, the funds in question were allegedly transferred from TrueUSD’s reserves to Aria Commodities DMCC, a Dubai-based trade-finance company controlled by British financier Matthew William Brittain. The transactions took place between 2021 and 2022 through accounts managed by Hong Kong trustee First Digital Trust.
TrueUSD issuer Techteryx claimed that the funds were used for illiquid investments including commodity shipments and private lending deals, making them unavailable when redemptions surged. Justice Michael Black KC found that Techteryx presented a credible case and highlighted the risk of Brittain restructuring assets to evade future judgments.
Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.
Global Order Targets $456 Million in Frozen Funds Dubai’s Digital Economy Court has upheld a worldwide freezing order over $456 million linked to the reserve shortfall that forced crypto entrepreneur Justin Sun to cover losses for holders of the TrueUSD stablecoin. The order prevents funds connected to the token’s reserves from being moved or liquidated while ownership claims are settled in Hong Kong courts.
The case turns on whether money backing TrueUSD was diverted into Aria Commodities DMCC, a Dubai-based trade-finance firm that financed commodity shipments and mining ventures in emerging markets, according to lawyers for the claimant Techteryx, the stablecoin’s issuer.
The ruling, handed down on Oct. 17 by Justice Michael Black KC, said Techteryx had shown “serious issues to be tried” and a credible claim that the assets were held on constructive trust. Black noted that Aria had provided “no evidence” explaining how the funds were transferred or who controlled the resulting assets. He added that there was a “real risk” the firm’s controlling figure, Matthew William Brittain, could dissipate or restructure holdings to evade future enforcement.
Investor Takeaway The order is the first of its kind by Dubai’s Digital Economy Court and underscores growing cross-border legal scrutiny of stablecoin reserve management.
How the Funds Moved Aria Commodities, part of a group of companies controlled by Brittain, received the funds between 2021 and 2022 through accounts managed by First Digital Trust in Hong Kong, according to filings. The trustee was responsible for safeguarding reserves tied to TrueUSD’s circulation. First Digital Trust did not respond to a request for comment.
Techteryx alleges that the transfers breached its custody terms and turned liquid reserves into long-term loans and private investments that could not be redeemed when holders tried to withdraw. Those arrangements, the company says, led to the liquidity crisis that triggered the $456 million gap later covered by Sun.
Brittain previously said that liquidity problems were “a matter of term commitments,” not mismanagement. “ARIA CFF has never held [its] strategy out as highly liquid, or appropriate for the reserves of a stablecoin,” he said in earlier comments.
Wider Implications for Stablecoin Oversight The dispute is being closely watched by financial regulators and digital asset lawyers as a test case for how courts handle allegations of reserve misuse across jurisdictions. While stablecoins are typically marketed as fully backed, cases like TrueUSD’s raise questions over transparency in asset custody and the legal recourse available when funds are commingled or invested in illiquid ventures.
The Dubai ruling also highlights how the emirate’s new Digital Economy Court — established to handle blockchain and fintech-related cases — is beginning to assert cross-border jurisdiction in crypto disputes. Its decision to enforce a global freezing order marks a precedent for digital asset litigation in the region.
Investor Takeaway For stablecoin issuers, the case is a warning that opaque reserve structures can trigger global enforcement actions, not just reputational damage.
Next Steps in the Case With the freezing order now in place, the next phase will take place in Hong Kong, where courts will determine whether the disputed assets belong to Techteryx or to Aria’s trading businesses. If Techteryx’s claims succeed, the funds could eventually be returned to TrueUSD’s reserves to restore full backing.
The outcome could set a broader precedent for the treatment of token reserves held through intermediaries — especially when those assets are invested beyond the low-risk instruments typically expected for stablecoins.
About the Author: Abdelaziz Fathi
Abdelaziz Fathi covers the intersection of forex/CFD brokerage, regulation, liquidity, fintech, and digital assets. With a B.A. in Finance and hands-on industry exposure, Aziz blends analytical rigor with clear storytelling to make complex market structure understandable for traders, brokers, and fintech professionals.
For years, Justin Sun has been a controversial figure in the cryptocurrency markets, consistently making headlines with his complicated dealings. Many recall how Donald Trump’s presidency shielded Sun from potential legal issues in the U.S., thanks to his generous contributions to WLFI. However, it is not the United States putting Sun in a difficult position anymore, but rather Dubai.
Justin Sun CaseA recent court decision in Dubai has resulted in the freezing of $456 million in assets related to Sun’s plan to rescue TrueUSD (TUSD). It is crucial to understand Sun’s connection to TUSD, which is explored further in this section. Today, the Dubai Digital Economy Court approved the freezing of $456 million aimed at saving TrueUSD owners worldwide.
Despite Sun’s claims of having no official ties, the $456 million designated as TUSD reserves was directed towards a company named Aria Commodities DMCC. Funds were then allocated to various illiquid ventures, products, and diverse investments.
Under normal circumstances, TUSD reserves should have been maintained as liquid assets under Techteryx’s control. However, these reserves were transferred to Aria via First Digital Trust Limited and invested in ventures unsuitable for stablecoins. Matthew Brittain of Aria Group stated, “ARIA CFF was never presented as a high-liquidity or stablecoin reserve strategy.” This situation led to the Dubai Digital Economy Court’s historic decision to freeze global assets.
Justin Sun and His Intricate DealingsAt first glance, one might wonder what Sun’s role in this affair truly is. However, Justin Sun has always been at the heart of complex and potentially fraudulent endeavors. This case is no exception. Techteryx is a fully anonymous offshore entity. Although located in Hong Kong, the ownership of Techteryx, which was involved with TUSD since its early days, remains anonymous and is notably active on platforms linked to Sun.
Past evidence shows addresses associated with Sun were involved in minting and burning TUSD. Additionally, Sun’s initiated project, USDD, is financially tied to TUSD. Despite the difficulties in establishing direct connections, Sun’s significant influence is apparent, allowing for easy conclusions.
Moreover, the founder of Tron is no stranger to deception or such business activities. He denied association with Poloniex, although he was managing its employees. Similarly, he initially concealed his acquisition of HTX but later advertised the exchange after his ownership emerged. The USDD case followed a similar contentious path where he claimed no link to TUSD but was actively trying to save it.
Nonetheless, Justin Sun stands out as the most successful trickster in the crypto world, surpassing figures like SBF and Zhu Su. It’s likely that Sun will again escape unscathed, and the day he is finally caught will mark a significant event in the crypto ecosystem.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
PANews reported on November 13th that, according to CoinDesk, the Dubai Digital Economy Court issued a global asset freeze order regarding $456 million in funds related to Justin Sun's bailout of Techteryx, the issuer of the stablecoin TrueUSD. The crux of the dispute lies in whether TrueUSD reserve funds were improperly transferred to Dubai trade finance company Aria Commodities DMCC. Aria, an entity under financier Matthew William Brittain, received funds through a Hong Kong First Digital Trust account between 2021 and 2022. Techteryx claims this violated custody terms, turning reserves into irredeemable long-term loans and private transactions. Matthew William Brittain of Aria has stated that the liquidity issues are related to maturity commitments, and that the ARIA CFF strategy is not highly liquid or suitable as a stablecoin reserve. On October 17, 2025, Judge Michael Black KC stated that Techteryx presented “serious issues” pending review, warranting a freeze on the funds. He further stated that Aria had failed to provide evidence of fund transfers and asset ownership, and that Brittain risked “dissipating or restructuring assets to obstruct the judgment.”
Analyst: Micron’s financial report indicates short-term fluctuations can be ignored as long as earnings prospects underpin its high valuation.
Senior Market Analyst Daniela Hathorn stated, "As Micron Technology's earnings report once again confirms that the AI investment cycle remains solid, the U.S. stock market has recouped some of its losses. This has boosted market sentiment across the entire semiconductor sector—after high-growth individual stocks underperformed earlier—indicating that as long as profit prospects continue to support high valuations, investors are still willing to overlook short-term fluctuations."
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Updated Nov 18, 2025, 4:57 a.m. Published Nov 18, 2025, 12:49 a.m.
2 min read
FDT's Vincent Chok Speaks at Consensus 2025 in Hong Kong (CoinDesk)Summary
A Dubai court has frozen $456 million linked to TrueUSD's reserves, which became illiquid after being transferred to complex investment structures.First Digital Trust supports Techteryx's efforts to recover the funds, which were tied up in trade-finance positions with Aria Commodities DMCC.FDT is pursuing a defamation case against Justin Sun, who claimed the trustee was insolvent, affecting the stability of FDT's stablecoin.With a Dubai court freezing $456 million tied to TrueUSD’s reserves, First Digital Trust said it backs Techteryx’s effort to recover the funds after they became illiquid in 2023 following transfers into complex investment structures associated with the Aria Group, a shortfall that required an emergency bailout from Justin Sun to keep the stablecoin running.
"We welcome any steps that assist Techteryx in pursuing recovery of its funds from the Aria entities," First Digital's Vincent Chok said in an email to CoinDesk. "We understand the Court has ordered Aria to provide disclosure regarding the assets, and we look forward to seeing the results of that process."
FDT was not a party to the case in Dubai.
The connection between FDT and Aria stems from FDT’s former role as fiduciary custodian for TrueUSD’s reserves, which it held on behalf of Techteryx.
As CoinDesk reported earlier this year, Techteryx said it instructed FDT to place the funds into the Aria Commodity Finance Fund, a Cayman Islands vehicle. Court filings in Hong Kong later alleged that roughly $456 million was instead transferred to Aria Commodities DMCC, a separate Dubai-based Aria entity, where the assets became tied up in illiquid trade-finance positions.
The court order from Dubai's Digital Economy Court froze these funds.
FDT CEO Vincent Chok told CoinDesk the firm acted solely as a fiduciary intermediary and executed all transactions exactly as instructed by Techteryx and its representatives.
Separately, FDT continues to pursue a defamation case against Sun, who, in April, claimed that the trustee is "effectively insolvent," which caused FDT's stablecoin, FDUSD, to become briefly unpegged.
"There are no public updates to share at this stage," Chok told CoinDesk.
Оновлено 18 лист. 2025 р., 4:57 дп Опубліковано 18 лист. 2025 р., 12:49 дп Перекладено AI
2 min read
FDT's Vincent Chok Speaks at Consensus 2025 in Hong Kong (CoinDesk)Summary
Дубайський суд заморозив 456 мільйонів доларів, пов’язаних із резервами TrueUSD, які стали неліківідними після передачі до складних інвестиційних структур.First Digital Trust підтримує зусилля Techteryx щодо відновлення коштів, які були заблоковані в позиціях торгового фінансування з Aria Commodities DMCC.FDT порушує справу про наклеп проти Джастіна Сана, який стверджував, що довірена особа є неплатоспроможною, що впливає на стабільність стейблкоїна FDT.З судом у Дубаї замороження $456 мільйонів пов’язаний із резервами TrueUSD, First Digital Trust заявила, що підтримує зусилля Techteryx щодо відновлення коштів після того, як вони стали нелікідними у 2023 році внаслідок трансферів у складні інвестиційні структури, пов’язані з групою Aria, нестача яких потребував екстреної фінансової підтримки від Джастіна Сана для підтримки стабкоїна в роботі.
Ми вітаємо будь-які кроки, які сприяють компанії Techteryx у поверненні її коштів від суб’єктів Aria," – заявив Вінсент Чок із First Digital в електронному листі до CoinDesk. "Ми розуміємо, що суд зобов’язав Aria надати інформацію щодо активів, і з нетерпінням очікуємо результатів цього процесу.
FDT не брала участі у справі в Дубаї.
Зв’язок між FDT та Aria походить від колишньої ролі FDT як фідуціарного кастодіана резервів TrueUSD, які вона утримувала від імені Techteryx.
Як CoinDesk повідомив на початку цього року, Techteryx повідомила, що дала доручення FDT розмістити кошти у фонді Aria Commodity Finance Fund, зареєстрованому на Кайманових островах. Однак, згідно з судовими матеріалами в Гонконзі, приблизно $456 мільйонів було замість цього переведено до Aria Commodities DMCC, окремої структури Aria, що базується в Дубаї, де активи опинилися у заморожених неліквідних позиціях у сфері торгового фінансування.
Судовий наказ Цифрового економічного суду Дубая заморозив ці кошти.
Генеральний директор FDT Вінсент Чок повідомив CoinDesk, що компанія діяла виключно як фідуціарний посередник і виконувала всі операції точно відповідно до інструкцій Techteryx та її представників.
Окремо, FDT продовжує порушити справу про наклеп проти Sun, який у квітні заявив, що керуючий є "фактично неплатоспроможним", що призвело до тимчасового розриву прив’язки стейблкоїна FDT, FDUSD.
"На цьому етапі немає публічних оновлень для повідомлення," – сказав Чок виданню CoinDesk.
TrueUSD (TUSD), a stablecoin pegged to the U.S. dollar at a 1:1 ratio designed to maintain a stable value in volatile cryptocurrencies, has released an announcement of freezing TUSD by the Dubai International Financial Centre Court (DIFC Court). The purpose of this announcement is to stop the misuse of TUSD all over the world illegally.
Basically, the DIFC Court has ordered to freeze $456 million TUSUD reserves misappropriated by Aria, First Digital Trust, and their Co-Conspirators. In history, for the first time, TUSD was moved inappropriately and against the law. TrueUSD has released this news through its official X account.
Digital Economy Court Protects Holders with Landmark Freezing Order The only purpose of this step is to safeguard the digital assets of holders by ensuring the safety and security of their assets. The Digital Economy Court clearly emphasized the continuation of both a proprietary injunction and a worldwide freezing order against Aria Commodities Dubai Multi Commodities Centre (DMCC).
DMCC has accepted the proof of real risk of dissipation; moreover, it claimed that the world’s first freezing order has been issued by the DIFC Court’s Digital Economy Court. It is very disappointing for a country that makes its name by doing such illegal actions against the assets of users. This thing highlights the insecure system of the country as well.
DIFC’s Stand on Digital Asset Security This decision of Financial Centre Court (DIFC Court) is giving a clear message to the broader term that it is the first responsibility of every country to safeguard its people’s assets at any cost. In addition, this is also showing the seriousness of DIFC about the security of digital assets.
This will be a precedent for other countries to avoid any negligence in the matter of digital assets, which will not be tolerated at any cost. This will be the example of how digital funds would be frozen if any misuse were to happen in the future.
AUTHOR
Crypto journalist with years of experience providing in-depth analysis and news on blockchain and decentralized finance. With a keen eye for detail, Shahzaib delivers insightful articles that explore the latest trends, market movements, and innovations within the crypto and blockchain ecosystem. His work focuses on educating readers while offering expert commentary on the evolving landscape of digital assets, DeFi protocols, and the broader impact of blockchain technology.
The credit rating agency says information about the stablecoin's composition is scarce, and governance doesn’t have clear guidance.
Credit rating agency S&P Global Ratings assigned TrueUSD (TUSD) its lowest possible score, concluding that the stablecoin’s ability to maintain its dollar peg is unlikely. S&P Global Ratings gave TUSD's ability to remain at $1 a score of 5 on a 1-5 scale, where 1 is “very strong,” and 5 is “weak.”
In its assessment, published on Nov. 14, the credit rating agency noted that TUSD issuer Techteryx — which bought TUSD in December 2020 from ArchBlock, and has been publicly connected to TRON founder Justin Sun — had most of the stablecoin’s reserves held by a single custodian, First Digital Trust Ltd. (FDTL).
S&P Global Ratings’ assessment was published just a day after reports surfaced that a Dubai court had issued a global freeze on nearly half a billion dollars in TUSD reserves, as part of ongoing legal dispute.
Battle Over TUSD ReservesCourt filings by Techteryx in Dubai show that around $456 million of TUSD’s reserves, on Techteryx’s own instructions, were sent for investment purposes in multiple payments between June 2021 and March 2022 to Aria Commodities DMCC, a Dubai trade firm.
But the court found that Aria DMCC “has been unable to show precisely how the money was used, what assets were purchased or what became of them.” To recover the funds, Techteryx has launched legal action against Aria and several regional banks.
As a result, Dubai’s Financial Centre Court froze those assets in an amended judgement dated Oct. 17 — with media reporting on the freeze just last week — while the case is ongoing.
Although Techteryx and its backers are currently supplying liquidity so holders can still redeem TUSD at $1, S&P Global Ratings warned in its report that “in the absence of liquidity support from Techteryx, TUSD may lose its peg.”
A spokesperson for Sun told The Defiant that Sun is indeed “an advisor of Techteryx,” and confirmed reports that Sun had personally contributed the almost half a billion dollar sum to TUSD’s reserves.
The spokesperson told The Defiant that TUSD’s issuer “approached Justin for support when they found a substantial amount of TrueUSD reserves were misappropriated by Aria, First Digital Trust and their co-conspirators.” Sun’s spokesperson added:
“To protect the public token holders' interests, Justin made capital commitment and provided nearly $500m liquidity support.”Shady PastThe credit agency also criticized a lack of public information about Techteryx itself, saying “public information about Techteryx’s ownership or other activities is scarce.” S&P noted that TUSD remains unregulated and that it hasn’t seen legal opinions confirming the reserves are separated from Techteryx’s own assets.
S&P Global Ratings also highlighted past issues with TUSD’s previous operators. For instance, TrueCoin, a subsidiary of ArchBlock, and TrustToken, developer of the lending protocol TrueFi, were subject to a U.S. Securities and Exchange Commission complaint.
The U.S. watchdog alleged that from November 2020 to April 2023, both firms “engaged in the unregistered offer and sale of investment contracts in the form of the crypto asset TUSD and profit-making opportunities with respect to TrueUSD on TrueFi.”
Both firms agreed to settle the charges, though the settlements haven’t yet been formally approved by the court, the credit rating agency noted.
Even though TUSD’s reserves are checked in real time by Moore, a Hong Kong accounting firm, S&P says transparency gaps still persist. The agency added that TUSD remains “confidence sensitive” because of weak governance and unclear asset quality, making improvements in its stability score unlikely.
TUSD price since December 2024. Source: CoinGeckoSince January this year, TUSD has mostly traded just at or just below $1, per data from CoinGecko.
“We see an improvement in the stablecoin stability assessment as a remote scenario,” the S&P Global Rating report concludes.
Justin Sun at a press conference in Hong Kong on Nov. 27 (Tron modified by CoinDesk)Summary
Justin Sun escalated his accusations against First Digital Trust, building on claims raised in April by alleging the Hong Kong trust company not only rerouted TUSD reserves offshore but also fabricated transaction documents to mask the transfers.Sun urged Hong Kong regulators to intervene, warning that gaps in the city’s Trust or Company Service Provider regime could undermine the upcoming stablecoin licensing framework.FDT sought an injunction to restrain Sun from holding a press conference, claiming that he is spreading defamatory remarks about the company.HONG KONG — Justin Sun, the founder of the Tron blockchain and an adviser to TrueUSD issuer Techteryx, returned to the podium in Hong Kong with a more forceful version of allegations he first aired in April, accusing First Digital Trust (FDT), a fiduciary company, and its CEO Vincent Chok of exploiting gaps in the city’s trust company framework to move hundreds of millions of dollars in TUSD reserves offshore.
At a Thursday press conference in the city, Sun alleged the Hong Kong trust company not only rerouted the stablecoin's reserves offshore but also fabricated transaction documents to mask the transfers.
Techteryx acquired TUSD in 2020 and appointed FDT to be the fiduciary responsible for holding and managing the reserves backing the token.
The follow-up press conference comes months after Sun disclosed a liquidity shortfall in TUSD’s reserves and alleged that Hong Kong’s trust regulations let FDT reroute nearly half a billion dollars into illiquid offshore vehicles without authorization, as CoinDesk reported earlier this year.
In court filings, Techteryx claimed the transfers went to Aria Commodities DMCC — not to a fund called Aria CFF, as it initially said it was directed — and were tied up in illiquid commodity and infrastructure deals that could not be redeemed, allegations Aria has denied.
Unauthorized money transfers?
Both Techteryx and Aria agree that the reserves ended up in Aria-linked entities. The dispute centers on whether FDT was authorized to send the funds there and whether it understood the assets would be committed to long-term, illiquid trade-finance projects, which are inappropriate for stablecoin reserves.
Techteryx says it instructed FDT to place reserves only in the Aria Commodity Finance Fund, a Cayman vehicle. FDT denies it diverted the money instead to Aria Commodities DMCC, saying it acted strictly on instructions from Techteryx or its representatives. Aria, for its part, says the assets were placed into term-based financing arrangements consistent with the agreements it believed were in place.
Since the first press conference, Dubai’s Digital Economy Court has issued a worldwide freeze on assets tied to the alleged misappropriation. The ruling does not determine liability and was granted on the basis that there were serious issues to be tried.
The order locks down the assets until Hong Kong courts resolve the dispute, adding external pressure on local regulators to address the custodial practices at the center of the case. The episode has become a test of how Hong Kong regulates trust companies at a time when the city is preparing a stablecoin licensing regime in which custodial controls will be central to investor protection.
All of this raises questions about how Hong Kong’s regulators and law enforcement will respond as the city prepares a stablecoin licensing regime that depends on strong custodial oversight.
Hong Kong lawmakers acknowledge flaws in Trust regime
Critics, like Sun, have called out Hong Kong’s Trust or Company Service Provider (TCSPs) regime, which licenses and oversees non-bank trust companies, for allowing client assets to be moved without the transaction-level safeguards that apply to banks. Under the framework, trust companies are not required to obtain prior regulatory approval for large transfers.
TCSPs are supervised by the Companies Registry rather than financial regulators, and do not face capital requirements or transaction monitoring comparable to banks or licensed securities intermediaries.
“Any owner of the trust can basically transfer their client's assets into any account he want. You can just have one single transaction … and only one person can do that,” Sun said in an interview. “The regulators need to close it immediately.”
Lawmakers in Hong Kong have acknowledged this issue. Legislative Council member Johnny Ng — an advocate for the territory's Web3 sector — said in April that multiple suspected fraud cases involving trust companies had already been reported to his office and that the city needs to strengthen its trust-company regulatory framework.
FDT says it was following directionsFDT maintains it followed Techteryx's directions, denies misappropriating funds and says it does not control Aria’s assets.
Instead, it argues that the money became difficult to retrieve because Aria raised anti-money laundering (AML) and know-your-customer (KYC) concerns about Techteryx’s ownership, not because FDT knowingly placed reserves into illiquid deals.
The Techteryx directions cited by FDT, Sun alleged, were fabricated.
"We have evidence they have been fabricating all the transaction documents,” Sun claimed in an interview with CoinDesk.
In response to a request for comment from CoinDesk, Chok said FDT sought an injunction to restrain the press event because the company is currently suing Sun for defamation.
"[This was to] prevent exactly what happened: unproven and baseless defamatory remarks about FDT," Chok told CoinDesk. "Sun presented no evidence to support his extraordinary claims other than sharing public information about normal proceedings in this saga."
On X, FDT said it welcomes any steps that assist Techteryx in recovering its assets from Aria.
"Our position remains grounded in documented facts and the judicial record. We want to see the funds released and justice done through proper legal process," Chok continued.
Sun said that he expects more developments before the end of the year.
TLDR: TrueUSD reserve losses traced to global fund diversion linked to fiduciaries managing TUSD assets. Techteryx pursues fraud cases after funds moved through Dubai, Hong Kong, and other financial hubs. Justin Sun pledged personal resources to cover a $500 million shortfall linked to the alleged scheme. Court filings describe misleading trade finance claims that masked large-scale asset siphoning. TrueUSD entered a tense chapter this year as new allegations surfaced about large-scale misappropriation of reserve assets. Justin Sun detailed how Techteryx uncovered evidence pointing to a coordinated fraud involving several fiduciaries tied to TUSD reserves.
He said the discovery followed his April pledge to cover a liquidity shortfall of roughly $500 million for public holders. The disclosures set the stage for a global pursuit of missing assets across multiple jurisdictions.
TrueUSD Asset Recovery Efforts Intensify Techteryx initiated lawsuits after evidence showed that reserve funds had not been used for the reported low-risk finance strategy.
According to Sun’s social update, the assets were instead diverted into Aria DMCC, a private Dubai entity linked to Matthew Brittain’s family. The allegations describe how fiduciaries promised secured trade finance structures that never existed. The filings claim the group siphoned funds through misleading representations.
Techteryx pursued the matter across several jurisdictions, including the Dubai International Financial Centre. The DIFC Courts found there was a serious issue to be tried based on the detailed claims presented by the company.
Sun said the fraud involved a network of fiduciaries tied to entities such as ARIA group, First Digital Trust, Legacy Trust, Finaport, and Truecoin. The accusations extend to individuals identified in Techteryx’s filings, including Brittain, Vincent Chok, Alex De Lorraine, and Yai Sukonthabhund.
Sun noted that funds were moved through channels spanning Dubai, Hong Kong, the Cayman Islands, the US, Australia, the UK, Singapore, Lichtenstein, Ukraine, and parts of Africa.
He said the money was later dispersed into non-redeemable loans and unprofitable ventures. Among these were projects in bitumen manufacturing, coal rights, commodity trades, port concepts, and renewable energy proposals.
Techteryx linked part of the outflow to historic transactions involving FTX.
As the founder of TRON and a passionate advocate for blockchain innovation, I've always believed in building a transparent, secure, and decentralized future.
Today, I want to update you on a critical chapter in the story of TrueUSD—a stablecoin that has faced significant…
— H.E. Justin Sun 👨🚀 🌞 (@justinsuntron) November 28, 2025
Techteryx Expands Legal Action in Fraud Case The company said that misleading representations of the Aria Commodity Finance Fund played a central role in the alleged scheme. The structure was presented as a liquid, low-risk vehicle with credit insurance.
Sun referenced regulatory filings, noting that similar concerns appeared in US SEC complaints involving Truecoin. Techteryx argued that De Lorraine enabled the diversion of assets by supporting the fraudulent representations.
Sun emphasized that the rescue plan he announced in April aimed to stabilize public TUSD holders promptly. He said the liquidity shortfall stemmed from the alleged misappropriation rather than operational failure at TrueUSD.
The company maintains that asset recovery is ongoing and tied to multiple parallel cases. Sun framed the effort as a push for accountability across regions linked to the missing funds.
Techteryx continues tracing assets that were moved into offshore shells and related entities. Sun’s update stated that the list of jurisdictions involved keeps expanding as the investigation deepens.
The company believes the misappropriated funds were spread through a web of complex transfers. It maintains that further disclosures will follow as court processes move forward.
The leading crypto exchange Binance has removed 30 trading pairs from its platform.
Binance says it axed the pairs to “improve liquidity and user trading experience among our wide range of available assets.”
The sweep included the removal of BitTorrent Token’s (BTT) relatively recent pairing with Bitcoin. BTT remains paired with Binance Coin, Tether (USDT), Paxos Standard (PAX), TrueUSD (TUSD) and USD Coin (USDC).
Here’s a look at all of the pairs on the chopping block.
Back in April, Binance delisted Bitcoin SV (BSV) from its platform entirely.
At the time, Binance CEO Changpeng Zhao denounced the rhetoric of BSV creator Craig Wright and called him a “fraud.”
The exchange also removed Bytecoin (BCN), ChatCoin (CHAT), Iconomi (ICN) and Triggers (TRIG) in October of last year, citing a broad list of criteria required for coins to remain on the platform.
Commitment of team to project Quality and level of development activity Network/smart contract stability Level of public communication and activity Responsiveness to our periodic due diligence Evidence of unethical/fraudulent conduct Contribution to a healthy and sustainable crypto ecosystem [adinserter block="1"] [the_ad id="42537"] [the_ad id="42536"]
TUSD and USDP gained popularity in market share, with TUSD leading the race. The mean dollar invested age, market capitalization, and exchange reserve metrics show TUSD and USDP’s steady growth. Recently, the stablecoin market experienced significant changes, creating an opportunity for other stablecoins, such as Pax Dollar [USDP] and TrueUSD [TUSD], to grab the market share. Since Binance’s [BUSD] decline following CFTC’s allegations, there has been a vacancy at the top of the list. Which of these stablecoins can take over the top spot?
USDP and TUSD mean dollar invested declines According to recent findings from Santiment, TUSD, and USDP have been significantly impacting the stablecoin market of late. The data revealed that TUSD’s mean dollar invested age stood at 159.39 at press time, the lowest it had been in the past 14 months. Similarly, the mean dollar invested age for USDP was 78.75, representing the lowest figure in the past 21 months.
Source: Santiment A high mean dollar invested age in the stablecoin market could be a positive sign, indicating that investors were confident in the long-term potential of cryptocurrencies and were holding onto them for extended periods. It could also imply a limited supply of sellers, leading to increased prices.
In contrast, a low mean dollar invested age may indicate new investors entering the market, driving the demand for stablecoins.
USDP and TUSD market capitalization CoinMarketCap‘s data revealed that TUSD had a robust market presence at press time, with a market cap exceeding $2 billion and a 24-hour trading volume over $531 million. During this time, TUSD ranked as the 13th-largest coin by market cap and the fifth-largest stablecoin by market cap. Interestingly, TUSD’s 24-hour trading volume surpassed that of Maker [DAI], despite DAI being the fourth-largest stablecoin by market cap.
In contrast to TUSD, USDP had a relatively smaller market presence, with its market cap exceeding $877 million and a 24-hour trading volume of over $22 million. USDP ranked as the 58th-largest coin by market cap and the sixth-largest stablecoin by market cap. While USDP’s press time market cap was impressive, its lower 24-hour trading volume suggested it may not be as actively traded as other stablecoins.
Analyzing the exchange reserve Exchange reserve is another important metric that indicates the popularity of stablecoins in the crypto space. According to CryptoQuant, USDP’s exchange reserve had seen mixed fortunes, but it has recently been on an uptrend, reaching over 115 million as of this writing.
Source: CryptoQuant CryptoQuant’s data further suggested that TUSD has had a better exchange reserve run than USDP. The stablecoin’s exchange reserve has been relatively steady since its rise in January, with its press time value exceeding 513 million. This indicated that TUSD was being traded actively and held by investors on exchanges at the time of writing, reflecting its growing popularity in the crypto market.
Source: CryptoQuant Additionally, the growth of this metric meant that more investors were using these stablecoins to trade, indicating their importance as a reliable trading pair.
TUSD leads the stable race… for now The current regulatory issues surrounding BUSD and the recent bank run that impacted USDC have led investors to look for alternative stablecoins that offer greater stability and security. In this context, TUSD and USDP have emerged as potential contenders for the top spot among stablecoins.
However, based on the metrics discussed earlier, TUSD is better positioned to take the top spot if it becomes available. TUSD’s higher market cap and trading volume, coupled with its steady growth in exchange reserve, suggest it has a more established presence in the stablecoin market.
In contrast, while USDP has shown growth in some metrics, it may not be as established as TUSD.
Binance VIP borrowing will remove TUSD and ALCX from the list of available collateral assets.
PANews reported on March 13 that, according to an official announcement, Binance is continuously monitoring the market and regulatory environment and adjusting its services accordingly. Starting from 08:00 (UTC+8) on March 30, 2026, Binance will remove TrueUSD (TUSD) and Alchemix (ALCX) from its list of eligible collateral.
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Binance announced on March 13 that its VIP Loans service will remove TrueUSD (TUSD) and Alchemix (ALCX) from its eligible collateral list starting at 8:00 AM UTC+8 on March 30.
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BCA Research raises its S&P 500 target to 8,100 points, with AI remaining a core variable.
BCA Research has become the latest strategy firm to raise its US stock market target, reflecting Wall Street’s growing optimism about earnings support for US equities in the second half of the year. The institution lifted its year-end S&P 500 target from 7,700 points to 8,100 points. BCA’s core view is that first-quarter corporate earnings exceeded expectations in both strength and breadth, and the US economy has re-entered an expansion phase. Similar to JPMorgan Chase, BCA believes this stock rally is not only driven by valuation expansion—earnings themselves are delivering the index’s gains. AI remains the core variable in this assessment. Large tech firms including Alphabet, Microsoft, Amazon, Meta and Oracle continue to increase capital spending on data centers and AI infrastructure, driving growth in orders for chips, servers, construction, power and related industrial chains. This provides a clearer fundamental basis for upward revisions to 2026 and 2027 earnings. The institution points out that risks exist: the earnings expansion brought by AI investments has already been quickly priced into the market. If subsequent returns on capital spending are questioned, or interest rates remain elevated, further upside for the index will require more earnings confirmation rather than relying solely on investor risk appetite.
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Tom Lee: Markets have nearly priced in two interest rate hikes from the Federal Reserve this year, and the rise in US Treasury yields is weighing on market sentiment.
Tom Lee said the market is still digesting Kevin Warsh’s remarks from his first press conference last week and repricing the macro environment. Over the past week, oil prices have pulled back, with war premiums contracting. Current oil prices are not far from the roughly $65 level seen before the conflict, indicating the market views related war risks as declining. On the other hand, 10-year U.S. Treasury yields continue to rise, now around 4.5%, higher than the pre-conflict level of roughly 4.2%. The main headwind the market has faced recently has shifted from oil prices to yields. Tom Lee noted that the market is not only focused on 10-year U.S. Treasury yields but also starting to price in potential additional interest rate hikes from the Federal Reserve. According to federal funds futures, the market is currently pricing in nearly two rate hikes this year. Bank of America further projected today that the Fed will raise rates three times this year, in September, October, and December respectively. Jeffrey Gundlach often emphasizes the importance of monitoring 2-year U.S. Treasury yields, as they typically lead the Fed and signal the central bank’s policy direction. Between 2023 and 2025, the relationship between 2-year U.S. Treasury yields and the federal funds rate indicated that the Fed’s policy was overly tight, requiring interest rate cuts. However, this relationship has recently reversed, meaning the Fed would need two rate hikes to catch up with 2-year U.S. Treasury yields. He believes that, at least for now, yields have become a headwind for the market.
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Japan and South Korea's stock markets closed higher across the board, with Japan's stock market hitting a new closing high.
According to Bitget market data, the Nikkei 225 index closed up 3,191.37 points, or 4.61%, at 72,366.34 points on Thursday, June 25, hitting a new all-time closing high. South Korea’s KOSPI index rose 459.76 points (5.43%) to end at 8,930.78 points; SK Hynix surged 13% while Samsung Electronics gained more than 5%.
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A newly created wallet withdrew 17,675 ETH from Binance, valued at $28.58 million.
According to monitoring by Onchain Lens, a newly created wallet withdrew 17,675 ETH from Binance, valued at $28.58 million.
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JPMorgan Chase raised its S&P 500 target to 7,800 points, while warning of an overcrowded AI trade.
JPMorgan Chase has raised its year-end outlook for U.S. stocks, while cautioning investors that the overcrowding in AI-related momentum stocks is becoming the market’s most vulnerable segment. The JPMorgan strategy team led by Dubravko Lakos-Bujas lifted its 2026 year-end target for the S&P 500 from 7,600 to 7,800 points, citing continued upward revisions to corporate earnings expectations and nearly doubling of AI-related capital expenditures. The bank noted that consensus earnings expectations for both 2026 and 2027 have been revised up by roughly 10% since the start of the year, a magnitude typically only seen in the recovery phase after a recession or major shock. However, JPMorgan does not interpret this upward revision as a risk-free rally. The bank pointed out that low-quality growth stocks, speculative growth stocks, and second- and third-tier AI-related concept stocks have become "extremely overcrowded," and a pullout of capital could trigger a rapid correction. The strategists also noted that rising equity supply in the coming quarters and potentially tight monetary policy could cap further valuation expansion. On the allocation front, JPMorgan recommends a barbell strategy: holding high-quality growth stocks and stocks directly benefiting from AI on one end, and low-volatility, high-quality stocks as a portfolio buffer on the other. The bank remains bullish on tech, select industrials, utilities, defense, banks, and some healthcare growth stocks, but believes the market’s upward trajectory will not be linear.
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Preview: The U.S. May core PCE data will be released at 20:30 tonight, and is projected to hit its highest level since October 2023.
The Fed’s key inflation gauge, the Personal Consumption Expenditures (PCE) price index, will be released at 20:30 tonight, with markets expecting a sharp rise in May inflation that could reignite rate hike bets. The headline PCE year-over-year growth rate is projected to hit 4.1% in May, up from 3.8% in April and marking its highest level since 2023. Core PCE, which excludes food and energy, is forecast to rise to 3.4% year-over-year, up from 3.3% in April and its highest reading since October 2023. Core PCE has remained above the Fed’s 2% inflation target since 2021. The recent short-term inflation uptick was driven mainly by surging gasoline prices amid the Iran conflict in May. Oil prices have since edged lower following the signing of a peace deal between the U.S. and Iran, but core inflation has strengthened in tandem, indicating that price pressures are not solely tied to geopolitical oil shocks. Data from the CME FedWatch Tool shows that as of Wednesday, markets are pricing in a 34% probability of a 25 basis point rate hike in July. Aditya Bhave, U.S. economist at Bank of America Securities, noted that the recent inflation rebound stems in part from tariffs and one-off disruptions, but successive supply shocks have eroded the Fed’s patience, while deflationary room in the housing sector has largely been exhausted. Data shows that core PCE dipped to 2.6% in April, its lowest level since 2022, but annualized core PCE growth over the past three and six months has hovered near 3.8%.
Cryptocurrency investment platform Abra announced it will add over 200 new cryptocurrencies next month, and today increased the number tokens available to trade by Abra’s US users to more than 60. The move brings the total number of cryptocurrencies that American customers can trade on Abra to 90.
Instead of using your standard, non-blockchain money to bet on the stock market—like Google stocks, ETFs and the S&P 500—which can fluctuate in value, Abra lets you use your new-fangled, volatile, Internet money to bet on stocks and shares. Adding hundreds more tokens into the mix invites investors to try new trading strategies.
“By far, the most requested product feature is support for more cryptocurrencies and the flexibility to easily invest in them. And today, that’s what we are delivering for our users,” said Bill Barhydt, CEO and founder of the San Francisco-based app, which was founded in 2014.
Bitcoin SV, aelf, Bancor, Crypto.com, Decred, Gnosis, and Hedera Hashgraph are among the new tokens for international users. For US users, new coins include Geocoin, Bitcoin SV, Aeon, and NAVCoin.
As part of a new update, Abra users can also deposit and withdraw stablecoins Tether, TrueUSD, Paxos and DAI directly to and from bank accounts.
In addition, US bank deposit and withdrawal limits have doubled to $4,000 per day, $8,000 per week, or $16,000 per month. That is, if you’re not a resident of New York, Connecticut, or Hawaii.
Abra will also introduce new price performance charts this quarter, to “help users study markets and make informed decisions,” according to the company’s statement.
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In recent months, Compound Finance has become one of the most popular lending platforms in the entire cryptoeconomy. Can it become the most popular?
To be sure, it remains to be seen if Compound will one day unseat Dai builders Maker atop the DeFi ecosystem, even if temporarily. Still, the project’s builders have recently been taking steps to make the “money lego” platform better and its users’ happier. That’s certainly a start.
For example, one of the bigger threads in Compound’s march toward maturity hit the limelight this week as attention gathered around its fresh audit. Specifically, the smart contract specialists at the OpenZeppelin project just published an audit on some of the Compound platform’s most important smart contracts.
⚠️ Here we present a summary of the @compoundfinance audit, including:
– System overview
– Privileged Roles and Future Direction
– Interest-free loans
– Counterproductive incentives
– Full audit reporthttps://t.co/OsGE6w3gnT
— OpenZeppelin (@OpenZeppelin) August 28, 2019
The good news? OpenZeppelin didn’t find any code issues that it deemed to be “critical.” But the auditors did find a series of lesser serious issues that helped the Ethereum community understand the fledgling Compound platform better.
Among these issues, one problem highlighted was that there are currently admin keys that could be used to compromise some of Compound’s tech.
Custodial Compound contracts pose a risk of *unsecured debt*
> cTokens used as collateral remain in the borrower's wallet but are non-transferable
> Admin could allow transfer of collateral cTokens… essentially enabling Compound debt to be undercollateralized https://t.co/jHzlwZgvQe
— Eva Beylin (@evabeylin) August 27, 2019
In response, Compound co-founder Robert Leshner later noted that the platform intended to evolve toward total decentralization.
“Absolutely; the FAQ […] and whitepaper […] are both very transparent about how the admin privileges work, and our goal to decentralize away from having an admin at all,” Leshner said on August 27th.
Love ’em or hate ’em, Compound opening up their contracts for everyone to pick apart only works in their favor in the long run.
New Assets Being Voted In Like other cryptocurrency platforms, Compound only supports a select number of cryptocurrencies. But that number is about to get bigger.
That’s because Compound has opened up a voting period for its users to decide which digital assets they want to see on the platform next. The projects currently up for consideration include Maker, Tether, Decentraland, Huobi Token, Loom Network, Numeraire, OmiseGo, Paxos, and TrueUSD.
Voting has begun to select the next two Compound protocol assets!
????️ Make your selection: https://t.co/En6tOQffeo
???? Learn more: https://t.co/9uAeCVgcAD
⏱️ Voting is open for two weeks!
— Compound Labs (@compoundfinance) August 28, 2019
“Voting will last for 14 days, after which the 2 winning tokens will be added to the protocol following the creation of cToken integration contracts, successful security audits, and a determination of suitability,” the aforementioned Leshner said.
The Berlin Bump and Beyond Berlin Blockchain Week was earlier this month, and one of its events — ETHBerlin Zwei — saw no shortage of Hackathon projects built atop Compound. That gave the platform a tangible bump in usage.
According to tracker website DeFi Pulse, Compound has been steadily gaining on Maker’s DeFi dominance as of late. Of course, Maker still dominates more than 50 percent of the DeFi ecosystem, but Maker’s slice of the pie has been slowly declining as Compound has gained more attention.
2/ The total supply of DAI in the market has lowered around $14M in the last 90d thanks in part to CDPs moving to Compound and tools like @InstaDApp's Bridge. And so, the stability fee is starting to lower as a result. [TVL charts included for reference. Note difference in scale] pic.twitter.com/sckUjnPvL3
— DeFi Pulse (@defipulse) August 30, 2019
It’s not that one is more impressive than the other, rather that both are at the top of DeFi right now and Compound is notably gaining steam. With that said, Maker and Compound are far from enemies as the DeFi Pulse team has explained:
“For the time being, they appear to have a symbiotic relationship. Maker prints the DAI, Compound creates more demand for DAI in the market.”
Dharma Pivots to Compound On August 29th, Dharma — a top 10 DeFi project at present — announced that it was relaunching its cryptocurrency services upon having phased out its initial offering.
The twist? Dharma’s new services will rely on Compound’s liquidity pools. In moving away from crypto lending, the project’s first offering after the relaunch will be a savings product.
“Working with Compound allows Dharma to focus on the parts of the business which they do best, which in my view include design, product, and user experience, and instead outsource part of the stack,” Autonomous Partners founder and Dharma investor Arianna Simpson said on the news.
William M. Peaster
William M. Peaster is a professional writer and editor who specializes in the Ethereum, Dai, and Bitcoin beats in the cryptoeconomy. He's appeared in Blockonomi, Binance Academy, Bitsonline, and more. He enjoys tracking smart contracts, DAOs, dApps, and the Lightning Network. He's learning Solidity, too! Contact him on Telegram at @wmpeaster
