TechFlow news, on September 26, according to Cointelegraph, decentralized exchange Curve Finance is considering removing TrueUSD (TUSD) from the collateral list for its stablecoin crvUSD. This move follows the U.S. Securities and Exchange Commission (SEC) accusing TUSD issuer TrueCoin of violating securities laws on September 24. The SEC alleges that TrueCoin falsely claimed TUSD was fully backed by U.S. dollars or equivalent assets, while in fact, as of September 2024, 99% of TUSD reserves were invested in high-risk offshore funds. The Curve community has proposed reducing the collateral cap for TUSD to zero and lowering the collateral cap for PayPal's stablecoin PYUSD from $15 million to $5 million. Currently, WBTC and wstETH are the largest sources of collateral for crvUSD, with approximately $68 million and $60 million locked respectively.
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