TrueCoin attestations missing but Archblock launches new product
Archblock, the company behind many of the True tokens, including TrueGBP, TrueHKD, TrueCAD, and TrueAUD, has launched a new product that allows users to buy access to a fund providing exposures to US Treasuries using USD Coin (USDC) ‘on-chain.’
This product allows clients who have undergone a know-your-customer process, who do not live in the US, and who meet the $100,000 minimum commitment to invest their USDC with a “target return” of 4–6%. The product was launched in collaboration with Adapt3r Digital, an affiliate of cryptocurrency hedge fund MJL Capital.
The new product relies on the TrueFi protocol, originally launched by Archblock before nominally being handed off to the ‘TrueFi DAO,’ which is governed by the TRU token. Alameda Research was one of the lead investors in the TRU token and was one of the largest users of the product before defaulting on millions of dollars of uncollateralized loans from the platform.
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Archblock has been unable to provide attestations for its stablecoins since June 22, despite still claiming on its TrueCoin page that these tokens are “Independently attested.” These have been paused since the collapse of Prime Trust, which was responsible for custodying assets for many of these tokens. TrueUSD is still receiving attestations but is under different corporate ownership than the other tokens.
Archblock’s new Treasury product will compete with other products, including similar ways to invest like Ondo Finance’s tokenized bonds.
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