Overview
TrueUSD (TUSD) launched in 2018, created by TrustToken (later Archblock) as one of the first stablecoins focused on transparency and attestations. In 2020, TUSD was sold to Techteryx, an Asian company, and became closely associated with Justin Sun, who serves as an adviser.
TUSD grew strongly in 2023 when Binance promoted it, but has since shrunk. In October 2026, about $490 million was in circulation.
The reserves dispute
In 2025, Justin Sun said that about $456 million of TUSD’s reserves, held through the Hong Kong trust company First Digital Trust, had been sent to a Dubai company (Aria Commodities) instead of a safe fund. Sun stepped in to support TUSD so it would keep its peg. First Digital denied wrongdoing and threatened legal action, and Sun’s claims briefly caused First Digital’s own stablecoin, FDUSD, to lose its peg.
Later in 2025, a Dubai court issued a worldwide order freezing the $456 million while the case continues.
Other history
- In 2023, TUSD briefly lost its peg amid problems at its custodian Prime Trust.
- In 2024, the US SEC charged TUSD’s former operators (TrueCoin and TrustToken) over misleading statements about reserves; they settled.
The TUSD token
| TUSD at a glance | |
|---|---|
| In circulation (Oct 2026) | about $494 million |
| Target value | $1.00 |
| Market cap | about $494 million (#110) |
Risks
- Reserves. A large part of TUSD’s backing has been disputed, and recovery depends on court cases.
- Dependence on Justin Sun. The peg relies partly on his support.
- Transparency. Less oversight than USDC, PYUSD or other regulated stablecoins.
TUSD vs. the competition
| TUSD | USDC | USDD | |
|---|---|---|---|
| Issuer | Techteryx | Circle | TRON DAO |
| Linked figure | Justin Sun (adviser) | — | Justin Sun |
| Reserve issues | $456M dispute | 2023 SVB scare | Crypto collateral |
Our verdict
TrueUSD has a long history but a troubled present: a major reserves dispute and reliance on Justin Sun. Most users have safer, better-documented options for holding dollars on a blockchain. If you hold TUSD, consider the risk carefully.
This review is for information only and is not financial advice.