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Trueusd

“Can a daily-attested, multi-chain USD stablecoin become trusted infrastructure for global digital payments despite the collapse of its parent company's corporate structure?”

Founded2018
HQSan Francisco, California, USA
IndustryFintech / Crypto
The story

TrueUSD launched in 2018 as TrustToken's flagship USD-pegged stablecoin, distinguished by daily third-party reserve attestations via Moore Hong Kong. The company rebranded to Archblock LLC and expanded into the TrueFi uncollateralized DeFi lending protocol. Custodial instability emerged when Prime Trust—the bank account custodian for TUSD minting—entered receivership in mid-2023; this, combined with FTX/Alameda's ~$32.3M investment and subsequent collapse and legal action from the Celsius estate, culminated in Archblock filing for Chapter 11 bankruptcy in February 2026.

Last 12 months
2025-10
2026-02
2026-02
Product timeline
2018
TrueUSD (TUSD) launched as a USD-pegged stablecoin by TrustToken Inc. (later Archblock LLC), becoming the first USD-backed stablecoin with daily third-party reserve attestations.· banking
2023
Prime Trust, the custodian processing TrueUSD minting through its bank accounts, entered receivership in June 2023 and subsequently filed chapter 11, disrupting TUSD's custodial infrastructure.· pivot
2023
TUSD recorded daily trading volumes surpassing $1 billion in Q3 2023, listing on over 80 cryptocurrency exchanges and DeFi protocols.· banking
2025
Celsius estate sued Archblock, TrustToken, and TrueCoin in October 2025 alleging fraud and conversion over unreturned stablecoin reserves.· pivot
2026
Archblock LLC (parent of TrueUSD) and six affiliated entities including TrustToken Inc. and TrueCoin LLC filed for Chapter 11 bankruptcy in February 2026 in the U.S. Bankruptcy Court for the District of Delaware.· pivot
The stack
Accounting gap: none