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TrueUSD (TUSD) – What is TrueUSD (TUSD)? When we look directly at the question, it is the first digital asset that can be converted 1 to 1 into US dollars, an independently verified asset. This multi-chain stablecoin reduces counterparty risk, provides transparency and prevents fraud, traditional banks, escrow accounts, and third-party confirmations.
How Did TrueUSD (TUSD) Come About?
TrustToken, a platform that creates asset-backed tokens, introduced TrueUSD in January 2018. TrustToken, facing the struggles of other stablecoins trying to build strong financial connections and full support, decided to create a stablecoin named TrueUSD (TUSD). Each TUSD coin is backed by one dollar. The TrustToken platform distributed it to users using a smart contract. The institution is also working with certified banks that hold the assets supporting TUSD.
In March 2019, TrustToken partnered with accounting firm Armanino to provide a real-time view of the US dollar supporting TUSD. In December 2019, TrustToken and Armanino launched TrustExplorer, a stablecoin assurance platform that uses blockchain-based assurance technology to provide a fundamental layer of trust and transparency to multiple digital asset ecosystems.
TrueUSD’s liquidity is provided through various major exchanges and DeFi protocols and is supported by over-the-counter (OTC), which has international consumer access in more than 120 countries. TUSD also allows instant issuance rates with financial partners including Signet by Signature Bank, Silvergate Exchange Network (SEN), and PrimeX by PrimeTrust.
Investors and Supporters of TrueUSD (TUSD)
The team behind TrustToken comes from Stanford, UC Berkeley, Palantir, and Google, while its supporters include Founders Fund Angel, Stanford-StartX, and Blocktower.
How Does TrueUSD (TUSD) Work?
TrueUSD operates on the Ethereum blockchain using Ethereum smart contracts. It is possible to issue and use a tokenized version of the US dollar using these smart contracts.
When a customer uses US dollars to buy TUSD on the TrustToken platform, the smart contract, which forms the basis of the platform, automatically creates and issues a matching amount of TUSD that forms a part of the circulating token supply. In return, when a user uses TUSD through the TrustToken platform, a smart contract automatically burns or removes the used tokens from the circulating TUSD supply.
TrustToken does not charge a purchase or commission fee for transactions, which is one of the benefits of using TUSD. The company generates income by collecting interest on the US dollars held in company accounts. Investors are fully aware of their ability to buy and sell USD at a 1:1 ratio using TrustToken.
What is TrueUSD (TUSD) Used For?
Individuals and organizations use TUSD for various reasons. One of its benefits is that it allows merchants and investors to access crypto markets without exposure to fluctuations. It also allows these investors and merchants to abandon markets and prevent increases in volatility by focusing on the stability of the TUSD.
TUSD claims to be the most transparent stablecoin; monthly audits show that the amount of US dollars held in trust in FDIC-insured US bank accounts is equivalent to the number of TUSD in circulation.
You can check the instant amount of TrueUSD (TUSD) in circulation and everything about it from here.
How and Where Is TrueUSD (TUSD) Purchased?
You can exchange your stablecoins like USDT, USDC, etc. for the TrueUSD(TUSD) stablecoin on exchanges such as Binance, Kucoin, Bitget, Kraken, and Bitfinex.