According to the SEC’s complaint released on Tuesday, Truecoin and Trusttoken allegedly falsely marketed TUSD as a stablecoin fully backed by U.S. dollars while a substantial portion of the assets were invested in a speculative offshore fund. From November 2020 until April 2023, the companies reportedly engaged in unregistered sales of investment contracts tied to TUSD and the Truefi lending platform.

By Fall 2022, they were aware of redemption problems with the offshore fund, yet continued to make false statements about TUSD’s backing. By September 2024, the SEC claims 99% of the reserves were invested in the risky fund. The SEC further highlighted that the companies’ actions exposed investors to significant, undisclosed risks.

Without admitting or denying the charges, the SEC press release states that Truecoin and Trusttoken agreed to settle by paying penalties and disgorgement, with final judgments pending court approval. Acting Chief Jorge G. Tenreiro of the SEC’s Crypto Assets and Cyber Unit emphasized the importance of registration for providing investors with critical information. The announcement also noted that the SEC’s investigation into the matter is ongoing.

In January 2024, TUSD lost its peg, dipping to $0.979 per coin. Fast forward to the end of March, and the stablecoin’s supply had dropped dramatically from 1.1 billion to 612 million TUSD. As of today, it’s down even further, with a market cap sitting at $495 million, a mere 0.0215% of the $2.3 trillion total crypto market value. Over the past 24 hours, TUSD’s global trade volume reached $19,390,191, which makes up roughly 0.02074% of the $93.52 billion traded on Tuesday.

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