What is TrueUSD (TUSD) ? Overview of stablecoin TUSD
As we all know that the cryptocurrency market is not stable and safe and traders are always looking for ways that give them safety and stability to continue with these currencies. These currencies can make their place in such a market environment due to their decentralized and open source features and it is also very easy to use and less expensive.
For this reason, TrueUSD was born, which is considered a stablecoin and it is a price stable cryptocurrency. It is backed by the US dollar.
What is TrueUSD and how does it work??
Before knowing TrueUSD, it was impossible not to know about Stablecoins. Stablecoins are blockchain-based cryptocurrency and its value is pegged to more valuable stable assets such as gold, oil, and fiat currencies. As a result, these coins retain their value according to their underlying assets.
TrueUSD is a stablecoin based on the TrustToken platform. Its purpose is to build a coin that is stable and can be trusted by traders. It is backed by assets that can be easily bought and sold globally. This coin can always be exchanged for 1 US dollar.
In this system, US dollars are held by multiple trust companies in different bank accounts instead of having everything managed by a single company. For these accounts, content is published daily and audits are also performed monthly.
The main thing is that the TrueUSD (TUSD) system does not have access to funds for security purposes since all transactions are processed directly through the escrow account.
TrueUSD is used for financial services, exchanges, Cryptocurrency transactions and commerce.
TrueUSD Development Team
TrueUSD is a stable coin and the development was initiated by three people, Rafael Cosman (CTO & Co-Founder), Stephen Kade (Co-Founder & COO), and Daniel an (Co-Founder & CEO). In addition to them, Michael G. Bland, Ozzie Gooen and Patricia Weng also contributed greatly to the project.
Key properties offered by TrueUSD:
Strong legal protections and regular endorsements are provided to token holders through escrow accounts.
Can be exchanged to USD
This coin is redeemable after performing AML/KYC checks and can be converted to US dollars.
Trusted fund manager
TUSD systems can directly access the funds instead of them handling the funds through escrow accounts reducing the sources of intermediaries involved to execute transactions resulting in better data security.
The coin is fully collateralized in USD, held by a trusted company. So it is converted to 1:1 from TUSD to USD and vice versa.
Escrow accounts are independent identities that are regularly evaluated by leading investigators for the ultimate in security. A recent example of an endorsement is by Cohen & Company
Where to buy TrueUSD?
TrueUSD can be paired with different cryptocurrencies like BTC, ETH, BNB, KRW, etc. Through that, users can buy TUSD tokens while they are holding any of the above mentioned coins. . Also, it is available at the exchanges mentioned below for trading. The market capitalization of TUSD is currently over $200 million, liquidation is over $50 million per day.
How to redeem (redeem) TUSD?
To redeem, first pass KYC/AML check and comply with the conditions defined in smart contract and send via registered Ethereum address and then tokens can be exchanged for money via TUSD escrow account.
Benefits of using TrueUSD
– It provides high security for data because users access user data not available to their TUSD systems instead of user data at a third party account called Escrow.
– It is a stable coin that makes it different from other available coins.
– Transactions are executed at a faster speed with lower transaction fees.
– Redemption is made easy after doing AML/KYC check.
Future of TrueUSD
From a future perspective, TUSD is a stable coin and it is highly accepted for its security.
In addition, the TrueUSD team plans to tokenize various assets such as TrueEuro, TrueBond, TrueYen and stable baskets of tokenized products (counting valuable metals and land) that can be listed on exchanges. worldwide for efficient global transactions.
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