TrueUSD is a simple, transparent, and reliable stablecoin introduced in 2018. It is the first asset token that launched Stablecoin, whose unique feature builds a bridge between the traditional financial system and the decentralized blockchain technology. As its name suggests, a stablecoin keeps its price stable by pegging itself to a real-world asset. Stablecoins function as a verifiable medium for decentralized exchange and against market volatility to help blockchain ecosystems develop their full potential.
TrueUSD has become one of the most sizable and high-liquidity stablecoins globally, boasting a supply of more than 300 million.
TrueUSD is based on the TrustToken platform and is the world's first 1:1 USD-pegged digital asset audited by an independent third party. It does not use any hidden bank account or algorithm.
TrueUSD's US dollars are held by multiple trust companies in different bank accounts to lower the counterparty risk and provide legal protection against potential theft. Its collateralized holdings are published daily, and audits are conducted monthly.
To lower the risk of transactions, ensure transaction transparency, and provide token holders with a reliable dollar-pegged asset, TrueUSD (TUSD) partners with international banks, custodial accounts, and third-party verification of funds.
TrustToken tokenized assets function through escrow accounts, one of the best-known and frequently-tested systems for bank account management, to reduce counterparty risk.
Everyone passing AML and KYC requirements can purchase and redeem TrueUSD through their application. Once that transaction is verified, the TrueUSD smart contract issues tokens on a one-to-one ratio before sending the tokens to a buyer. Once tokens are delivered to a wallet, those tokens can be transferred or used as payment to buy other cryptocurrencies.
Who Are the Founders of TrueUSD (TUSD)
TrueUSD is a stablecoin launched by its parent company known as TrustToken, a San Francisco-based exchange that focuses on creating asset-backed tokens that can easily be traded globally.
TrueUSDt was co-founded by Rafael Cosman (CTO & Co-founder), Stephen Kade (Co-Founder & COO), and Danny An (Co-founder & CEO). Michael G. Bland, Ozzie Gooen, and Patricia Weng also highly contributed to the project.
What Is TrueUSD (TUSD)
TrueUSD is a popular ERC20 stablecoin, the first regulated stablecoin fully backed by the US dollar. It provides direct access to USD funds and information contained within them.
TrueUSD is the first asset token that is truly transparent and has full collateral.
The idea of TrueUSD initially appeared in 2018 when TrustToken Platform decided to remediate fraudulent and manipulative schemes in the space. As such, TrueUSD aimed to curb risks associated with the use of cryptocurrencies.
With its dollar-pegged token that offers cryptocurrency speculators a way to move their investments across volatile exchanges, TrueUSD provides its holders with legal protections and real-time audits via its exclusive transparency feature. It balances its utility and stability with security in the form of regular attestations.
TUSD uses multiple escrow accounts to keep funds of its holders with no direct access by TrustToken. It distributes its USD funds into various bank accounts of different trust companies, thereby ensuring a secured and reliable platform for investors.
TrueUSD is traded at an equal rate with USD. It maintains an equal value with the asset it represents being the US dollar and can be exchanged between parties from any part of the world. The TrustToken platform enables escrowed balances which impact the TrueUSD price.
The relevance of TrueUSD (TUSD) with its top-rated feature of transparency is vastly increasing in the crypto sector. The coin has seen massive expansion since its launch.
Experts believe that the asset’s availability on the Ethereum blockchain will also ensure its growth among other stablecoins in the industry.
Key Properties
We have summarized the key advantages of TrueUSD below:
- Legal Protection: Strong legal protection and regular attestations are provided to the token holders via escrow accounts.
- Redeemable for USD: After completing the AML/KYC check, it can be redeemed and converted into US dollars.
- Trustworthy Fund Management: TUSD systems can’t access the funds directly; instead, they process the funds via escrow accounts, resulting in better security.
- Fully collateral: TrueUSD is completely collateralized by USD.
- Regular attestations: The escrow accounts are evaluated regularly by the leading investigators to achieve the highest security.
Risks to Consider
However, there are a few risks to consider:
- TrueUSD ensures a compulsory completion of KYC when attempting to purchase and redeem TUSD. In other words, users who want to do so have to complete their Know Your Customer (KYC) and Anti Money Laundering (AML) documents before proceeding with the process.
- Secondly, TrueUSD is not fully decentralized and is bound by the standards of the TrustToken platform. As such, any regulatory actions on the platform will affect users of TUSD.
Where Can You Buy TrueUSD (TUSD)?
There was around 381.9 million TUSD in circulation as of October 2020. It has a circulating supply of 1.4 Billion TUSD coins and a total supply of 1.42 Billion.
There are two incarnations of TUSD available: an ERC-20 token on Ethereum and another, also known as TUSDB, a BEP-2 token on Binance Chain.
TrueUSD’s equivalent redeemability for USD is maintained via partnerships with banks and fiduciary entities.
As one of the largest USD stablecoins, TUSD is freely available on major exchanges, with pairs for cryptocurrencies and other stablecoins available.
Among the largest volume currently belongs to Binance and DeFi automated market maker Curve.
If you want to buy, sell or trade TrueUSD price, you can do so on the following exchanges: Binance, VCC Exchange, BitMart, ABCC, and HitBTC.
