TrueUSD Distances Itselffrom FlowBank After Liquidation Announcement

IconCryptoNewsTerminal Staff14 Jun, 2024

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TrueUSD Distances Itselffrom FlowBank After Liquidation Announcement

Stablecoin TrueUSD (TUSD) has stated that it has had "no dealings with bankrupt digital bank FlowBank since April" and that it has "no exposure" to FlowBank. This statement comes after the Swiss Financial Market Supervisory Authority (FINMA) announced that it has decided to discontinue the operations and liquidate digital bank FlowBank, which offered cryptocurrency trading services. TrueUSD is a stablecoin that is pegged to the US dollar. It is backed by a consortium of banks and trust companies, and it is regulated by the New York State Department of Financial Services. TrueUSD has been in operation since 2018, and it has a market capitalization of over $1 billion. The liquidation of FlowBank is a significant development in the cryptocurrency industry. FlowBank was one of the largest digital banks in Switzerland, and it offered a range of cryptocurrency trading services. The liquidation of FlowBank is a sign of the growing regulatory scrutiny of the cryptocurrency industry.

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