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TrueUSD News

What Is TrueUSD ?

TrueUSD is an ERC20 blockchain-based stablecoin, similar to USDT that is fully legally protected, secure, and transparently verified by third-party attestations. TrueUSD is USD backed, and it uses multiple escrow accounts to minimize risk and legal protection to avoid misappropriation. TrueUSD enjoys the full support of TrustToken, being the first token to be built on their platform.

TrueUSD is the direct palliative to the teething problems observed in Tether.  TrueUSD was built on Ethereum platform to enhance issuance mechanism which is visibly lacking in a similar stablecoin like USDT. USDT was built on Bitcoin blockchain via the Omni Protocol, and we all know that Bitcoin has some limitations.

In the TrueUSD system, U.S Dollars are not held in the bank accounts of a single company but multiple trust companies. The contents of the said bank accounts are audited monthly and are published. This method of storing user’s USD ensures greater trust and accountability. TrueUSD uses a collateral system that is not centralized in any one entity but distributed to more than one fiduciary partners.

Getting TrueUSD via online application requires one to pass the hurdle of a KYC/AML check. Once such process is completed, the trust company will be notified to verify and issue token pegged at one USD to one TrueUSD ratio via their API, and the token will be sent to the user’s associated account.

TrueUSD is currently listed on some exchanges such as Bittrex, Upbit, Binance and many others.

FEATURES  Of  TrueUSD

Stable Currency: the US dollar backs TrueUSD, use as a stablecoin for the digital exchange.

Legal Protection: TrueUSD for USD can only be redeemed via a standard KYC/AML check.

One-to-one parity: TrueUSD is 100% collateralized to the ratio of one dollar-to-one TrueUSD and held in trust banks.

Transparent: The bank account holdings are audited monthly and are published.

Independent Security Auditing: The security checks and auditing are done by a third party to ensure the best security practices.

Direct Banking: The trust firm’s bank does all transactions, and TrueUSD does not have access to a user’s fund.

Team

TrustToken, the owners of the TrueUSD token is made up of the highly trained team, who are committed to making TrueUSD, a global brand. TrustToken is co-founded by Rafael Cosman, Danny An, and Stephen Kade.

The operational base is at the San Francisco Bay area and was founded in September 2017.

TrustToken is partnering with some notable firms who have made a name in the financial industry such as  G&TCA, Stanford University’s Stanford StartX Fund, Cooley, Alliance Trust Company of Nevada, WilmerHale, Law Offices of Oshins & Associates, LLC and Wealth Advisors Trust Company.

Practical Uses

  • It is used for Financial Services
  • It has become a stable currency for many Exchanges.
  • It has become a currency for Trade merchants to move money without exposure to BTC or ETH.
  • TrueUSD is vastly used for Commerce and credit facilities such as Online purchases, escrow, salaries, and

Mining

TrueUSD cannot be mined; it has a fixed supply. It can be obtained through exchanges such as Bittrex, Upbit, Binance and many others.

Notes for Investors

TrueUSD (TUSD) is becoming a trading tool in the cryptocurrency market presently as well as in private transactions and businesses for exchange.

The current unit price of  TrueUSD (TUSD) is USD 0.990687; the market capitalization is USD 87,253,559  and the circulating supply is88,073,790 TUSD.

These statistics show an upward movement in TrueUSD (TUSD)’ value compare to when it all started. I’m optimistic that, the value will hit the rooftop in a few months later, based on the caliber of firms backing it.

Disclaimer!

Everything stated here is based on the writer’s figment of imaginations and is not intended to advise anyone to invest in TrueUSD (TUSD). There’s an instability in the cryptocurrency market presently. Do your research and seek advice before you invest.