TUSD is undergoing a material change to its ownership structure. Is there a process for reducing exposure in the event of a material change?

Hello Maker community!

Popping in to say hello and to make a little introduction. I’m Annabel from the new TrueUSD team, and will be leading the marketing and business operations.

Following up on what @rafael.cosman and @TrueUSD_Official had already stated, the original TrueUSD team will continue to work on TUSD. I will be responsible as the main operations, marketing, and BD contact for the new TrueUSD team.

Please rest assured TrueUSD will continue to maintain its level of service and quality, and we will continue to develop TUSD to become the most trusted fiat-backed stablecoin in the world.

My team and I fully understand the concerns from the Maker community and we have stated the current situation with transparency and sincerity regarding your major concerns and questions. If anyone has any more inquiries that I could help with, feel free to reach out to me here, or via:

My Telegram: https://t.me/Annabel_TrueUSD
Email: [email protected]

Thank you for everyone’s understanding, and hope you can continue to support the awesome regulated, fiat-backed stablecoin that is TUSD!


Not appreciated. Transitioning a business line to new ownership is a normal thing that will happen over time. And the responsible way to do it is to make a public announcement in advance of any changes in control, which is exactly what we did. This gives MakerDAO and other users a chance to react to the change and decide if they want to continue using TUSD. If you don’t like it, you don’t have to.

As stated above, we certainly hope you will continue using TUSD and are working with the new ownership to provide whatever specific information they can to help your community feel comfortable with the product going forward.

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it is true that the blog post helps contextualise the situation, thanks for that :pray:

IIRC though you don’t currently hold the keys nor own the TUSD business

with all due respect, you have no physical or legal control over what happens next so IMO it no longer makes sense to assess the future of TUSD as an asset based on your historical stewardship

if the new owner is Justin Sun - a reasonable assumption given the mention of TRON and ‘asia-based consortium’ in the same sentence in the public announcement - https://unchainedpodcast.com/abuse-and-ethical-lapses-what-happened-when-justin-sun-acquired-bittorrent/ - https://cointelegraph.com/news/justin-sun-accused-of-bribing-his-way-to-the-top-of-the-steem-hierarchy - i’m not surprised this announcement coupled with ongoing avoidance of naming names is raising eyebrows here

as we don’t know who the new owners are we can’t decide whether or not to trust them :man_shrugging:

thanks to @AnnabelTUSD for introducing yourself, can you name the new owners of the business and custodians of the private keys?

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as a general policy it makes perfect sense that MKR would wind down vaults when an underlying collateral type is sold off, the new owners can always apply to open new vaults which should be trivial after a vote as all technical details will be the same

ideally the process would be as painless as possible for all involved, maybe even an automated migration path for vault holders

the same conversation should happen if there was a major change at USDC, or a RWA like a farm was sold to new owners

we should decide for ourselves who (public, named individuals) to trust, not simply delegate to a legal structure (‘a consortium’) that can be bought and sold on the market - it’s silly to make a fuss over flash loans forcing governance votes but then allow collateral types to be sold to new management without review

it’s worth watching the relevant discussion from the last risk governance meeting from about 50 mins - https://www.youtube.com/watch?v=1skpcjr182Y


There is a material change in risk associated and the underlying control. Until such time as another risk assessment can be produced, I would recommend lowering the debt ceiling to zero for this collateral.


Are we still talking about blockchian? We should focus on whether TUSD works as usual but not who owns TUSD right now. As long as they still work with credible audit&trustee companys and pegged one to one with USD, it doesn’t matter who own the private key.


Hey, @nicebit.
Welcome to the forum. : )

The process of decentralization is long, and until TUSD (or any project really) is fully trustless, there are several risks to consider.

It’s not (only (I guess?)) a matter of PR.


There’s tremendous platform risk with transfer of ownership, and auditors coming every few months (if you’re lucky) do not mitigate that risk. It’s hard to view TUSD as the same risk profile given all this and that’s basically what the community here is saying. We are not wishing ill to the TUSD folks, but as a stablecoin (already a lot of risk there) with new “hidden” owners there’s not a lot of reason to carry on with the collateral type from a Maker perspective.


Hey all,

Thanks for the feedback, and understand the concerns and curiosity.

The acquisition of TUSD is led by Techteryx, an Asia-based conglomerate with businesses in Hong Kong, Singapore, Guangzhou, Shenzhen, Beijing etc. in the traditional real estate, entertainment, environmental, and information technology industries.

The conglomerate sees a significant unmet need for financial innovation in global amongst traditional sectors, and have identified cryptocurrencies and in particular, stablecoins, as a key part of the next generation of financial products and services that is capable of driving significant adoption.

For purposes of acquiring TUSD, they have created a joint venture led by Ms. Jennifer Jiang, the largest owner and a business executive with prior experience in the traditional financial industries in mainland China and Southeast Asia, including Singapore and Hong Kong. Ms. Jiang has previously led the acquisition of over a dozen companies, currently worth over US$3.0 billion and is deeply connected with traditional industries.

I’d like to emphasize that, while Ms. Jiang is chief executive of the new joint venture, neither she, the conglomerate nor anyone else affiliated with the conglomerate has control over the underlying private keys and funds. The private keys are managed in the same way as before, by the new TUSD management team with multisignature, a Gnosis SAFE (gnosis-safe.io) solution. All TUSD funds are held at fully licensed and regulated banks and trust companies in the United States and Hong Kong, including PrimeTrust (https://www.primetrust.com/), Silvergate Bank (https://www.silvergatebank.com/) and First Digital (https://1stdigital.com/). All funds are held in FBO accounts for the benefit of TUSD token holders and cannot, under any circumstances, be withdrawn by its owners for any proprietary use. All minting and redemptions of TUSD will continue to be verified by these custodians and banks regulated by U.S. and Hong Kong regulators before any TUSD can be created or burnt. Neither the old or the new TUSD management has discretion to create TUSD or burn TUSD. Ms. Jiang is a business executive and has no intention nor the ability to deal with private keys or technological matters.

Importantly, as noted above, we’d like to emphasize that (1) the same TrustToken team will continue to be involved in minting and redemptions of TUSD, for compliance and for management of the underlying reserves, (2) the underlying reserves will continue to be audited and attested to on a live basis by Armanino LLP, a top 25 accounting and audit firm based in the US (https://www.armaninollp.com/) who, in addition to live attestations of stablecoins, also provide “proof of reserves” audits for exchanges (https://www.armaninollp.com/software/trustexplorer/proof-of-reserves/).

None of these core features of TUSD will change based on the new ownership. This structure is similar and directly on par with USDC issued by the CENTRE consortium.

Ms. Jiang will be supported by a diversified group of team members from the constituent enterprises. The exact team appointed for Techteryx is talented and experienced, with team compositions including Terrance, who is responsible for the engineering and product and myself in leading the marketing and business operations. If you have further questions about TUSD, feel free to reach out to us.

Engineering representative Terrance: [email protected]
Marketing and business representative Annabel: annab[email protected]

I must clarify, especially in regards to questions like whether TUSD 's new ownership is Justin Sun - no it is NOT. We also have no connection with the company which invested in Poloniex. Poloniex currently doesn’t list and support TUSD in any way. We are hoping to get TUSD listed on Poloniex in the future. We will develop stablecoins on TRON as well as other blockchains like AVA, and work along with our important partners to further promote the use and adoption of TUSD in the same way that TUSD has conducted its operations, compliance and banking relationships in the past. TUSD will continue to actively support the Ethereum and Binance blockchains, user experience and benefit will remain and enters the next stage of growth. We have also recently entered into a collaboration with Avalanche to launch TUSD on AVA as well.

We will work to earn your confidence and trust, and we will go all out to make TUSD better. TUSD will continue to live on the Ethereum blockchain and support the Binance blockchain, and will soon be coming to Tron, Avalanche and additional blockchains natively.

Again, I must emphasize that we will continue to work with @rafael.cosman and the TrustToken team for TrueUSD. Banking and live attestations are and will continue to be with the original organizations TrustToken Inc. had worked with.



Thanks to your detailed explanation now I can rest assured to keep holding TusD


Hi @AnnabelTUSD, Many thanks for your work. The most key point is that the reserves will continue to be audited by Armanino LLP, and also the information about Techteryx seems much clearer. Thanks again xx

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No offense but it’s extra shady that first time users suddenly sign up for the forum to defend the new team… Personally, it’s more than a big red flag for me.


To clarify, I meant comments like “Thanks to your detailed explanation now I can rest assured to keep holding TusD” by Leonard.


Isn’t Leonard a sarcastic character? Maybe we’re not supposed to take his comment literally.


nicebit was created on the same day as this singular post

5 likes on this comment all from the other TUSD accounts, leonard, Teresa, Ken

Teresa was created dec 16 purely to comment and like comments from TUSD promoters in this thread

Ken was created 2 days ago purely to like nicebit’s post

TrueUSD_Official and and AnnabelTUSD were created only to participate in this thread



TUSD sybils say don’t worry about private keys


I searched google/baidu for ‘Techteryx’ in each of the regions mentioned:

  • Hong Kong
  • Singapore
  • Guangzhou
  • Shenzhen
  • Beijing

No hits in any region, link @AnnabelTUSD?

The only Google/Baidu hit for an executive Jennifer Jiang for me is CEO of a blockchain company in Boston with a published thesis explaining consensus mechanisms and block production (seems technical and capable)

Any publicly available information on the new executive?


Thank you for your detective work @David_Meister!

This TUSD situation starts to feel a bit scary, considering we hold 20% of all TUSD…

Hopefully we can set DC=0 soon enough.


Does anybody know the Celsius ETH wallet addy? Back in late November of 2020 they were holding a lot of TUSD, TrueGBP, etc. – wondering what they are doing with such.


Rumor has it that it’s the infamous 0xB1AdceddB2941033a090dD166a462fe1c2029484 But I can’t connect the dots…

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