Reported by Protos, according to the Archblock website, it has been almost a week three of the four True stablecoins have not been able to get attestations from The Network Firm. While the largest stablecoin under the Archblock brand, TrueUSD, is still getting real-time attestations, the other tokens (TAUD, TGBP, and TCAD) have had a management "ripcord" pulled for their assets since June 22.
The management ripcord suggests that "during the last reporting interval, Management had un-acknowledged representations, assertions, or did not acknowledge the terms of the engagement." In other words, the information provided to the auditors wasn't accurate or clear enough to provide a proper attestation.
The stablecoins unable to be attested for only amount to roughly $20 million. TUSD, the stablecoin still receiving attestations, accounts for over $3 billion in assets.
Even though the three stablecoins that haven’t received attestations for five days are less than one percent of the stablecoins under the control of the TrueCoin umbrella, the fact that The Network Firm — an auditor explicitly working with web3 firms and creating realtime attestations for True for months now — has been unable to give even a basic attestation of three out of four of the stablecoins seems to be a concern.
Over the past several weeks the TUSD stablecoin has been the source of rumors and controversy due to its loss of one of its US dollar custodians, Prime Trust. On Tuesday, Nevada's financial institutions division filed to take over Prime Trust and freeze all of its business.
Over the past several days, confusing messaging coming from both the Twitter account and the Archblock comms team, which has simultaneously suggested that withdrawals and deposits have been unaffected while sending out emails to customers explaining that they “will be unable to mint and redeem TUSD as well as any of our TrueCoin’s including TAUD, TCAD, and TGBP while Prime Trust operations are suspended.”
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Stablecoins
