TrustToken addresses new brand, leadership, but stablecoins at the center

TrustToken addresses new brand, leadership, but stablecoins at the center

Stablecoin issuer and uncollateralized lending protocol TrustToken is leaning into the decentralized narrative with its new rebranding in a tumultuous year for stablecoins and crypto to attract more institutional investors into the space.

The company now known as Archblock, which is behind TrueFi, a decentralized protocol that facilitates uncollateralized lending, will hand over control of its treasury, smart contracts and development to a decentralized autonomous organization (DAO).

“We have originated nearly $2 billion in loans, paid out tens of millions of dollars in interest and sustained no defaults,” he said Ryan Rodenbaugh, Head of Business Development at Archblock.

“Although we have started lending to crypto trading companies, we are currently focused on connecting DeFi with “real-world” lending opportunities across a range of sectors to give these companies access to the efficiencies of DeFi,” he said.

Institutions are likely more weary of crypto lending platforms following the collapse of now-bankrupt crypto lender and trading platform Celsius, but the Archblock team is confident that a decentralized approach focused on specific use cases will bring traditional players into the space.

With the DAO now overseeing much of TrueFi's operations, Archblock will continue to make "important contributions to its technology and growth efforts," the company said.

The company launched its largest stablecoin, TrueUSD (TUSD), in 2018 as TrustToken. With a current market capitalization of approximately $1.1 billion, TUSD is the sixth largest stablecoin after FRAX. according to CoinGecko. The token is fully backed “one-to-one by U.S. dollars, as independently confirmed every 30 seconds” by company management firm Armanino, said Ryan Christensen, Archblock’s former chief product officer and new CEO.

In the wake of TerraUSD's collapse, transparency and reserve security are even more important to investors and regulators who have vowed to take a closer look at the industry. A spokesperson for the company declined to comment on Wednesday's reports that a new stablecoin bill was in the works in Congress but that Archblock was in compliance with current regulations, Christensen said.

“We view stablecoins as an important building block for global DeFi adoption, best exemplified by dollar-denominated global lending, and are proud to be involved at both the asset and infrastructure levels,” Christensen added.

Archblock is not the only crypto company looking to refresh its image in the current market environment. Enterprise technology infrastructure provider Symbiont announced plans to revamp its brand earlier this month. The company hopes its plans will attract more interest from Wall Street.

Now is the time to “better educate the industry about the entire digital asset/blockchain ecosystem after a crypto winter,” said Mark Smith, CEO and co-founder of Symbiont.

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The post TrustToken Turns to New Brand, Leadership, But Stablecoins at the Center is not financial advice.