As we all know that Cryptocurrency market is not stable and secure and the traders always look forward to the ways which give them security and stability to continue with these currencies. These currencies are able to make their place to stay in such market environments due to their decentralized and open-source features and also it is very easy to use and less expensive.
For this very reason, TrueUSD came in, which is considered as a Stable coin and it is a price-stable Cryptocurrency. It is backed by the US dollar.
What exactly is TrueUSD and how it works??
Before knowing TrueUSD, it’s inevitable for people to know about Stablecoin. Stablecoin is the type of coin which is the blockchain based Cryptocurrency and its value is pegged to more valuable stable assets such as gold, oil and fiat currencies. Thus, these coins retain the same value as per their underlying assets.
TrueUSD is the stable Cryptocurrency and the first asset token which launched the Stablecoin. It is based on the TrustToken platform. Its aim is to build the coin which is stable and can be trusted by the traders. It is backed by assets so that it can be easily purchased and sold globally. This coin can be redeemed for 1-to-1 US dollars.
In this system, US dollars are held by multiple trust companies in different bank accounts instead of managing everything by a single company. For these accounts, contents are published on daily basis and also auditing is done on monthly basis.
The main thing is that TrueUSD (TUSD) system does not get access to the funds for the security purposes due to which all the transactions are directly handled via Escrow accounts.
TrueUSD is used for financial services, Exchanges, Crypto Traders, and Commerce.
Let’s have a look at the present statistics of TrueUSD below:
The Team behind TrueUSD development
As we now know, TrueUSD is a stable coin and the development is initiated by three people namely, Rafael Cosman (CTO & Co-founder), Stephen Kade (Co-Founder & COO), and Danny an (Co-founder & CEO). Apart from them, Michael G. Bland, Ozzie Gooen, and Patricia Weng also highly contributed to the project.
Key Properties offered by TrueUSD:
This coin provides so many benefits that are extremely helpful in the long run which are mentioned below:
– Legal Protection
Strong legal protection and regular attestations are provided to the token holders via escrow accounts.
– Redeemable for USD
This coin can be redeemed after doing the AML/KYC check and can be converted into the US dollars.
– Trustworthy Fund Management
TUSD systems can’t access the funds directly rather they process the funds via escrow accounts which reduces the intermediate sources involved for performing the transactions resulting in the better security of data.
– Fully collateral
This currency is completely collateralized by USD which is held by a trusted company. So, it is redeemed as 1:1 parity from TUSD to USD and vice versa.
– Regular attestations
The escrow accounts are the independent identities which are evaluated regularly by the leading investigators to achieve the highest security. A recent example of attestation is by Cohen & Company
Now, Where to buy TrueUSD?
TrueUSD can be paired with different Cryptocurrencies such as BTC, ETH, BNB, KRW etc. Through this, users are allowed to access the TUSD token when they are holding any of the above-mentioned currencies. Apart from that, it is available at the below-mentioned exchanges for trading which are:
How to redeem TUSD?
To redeem it, firstly pass a KYC/AML check and comply with the defined conditions as specified in the smart contract and send it via registered Ethereum address and then later the tokens can be redeemed for the money via TUSD escrow accounts.
Benefits of using TrueUSD
– It provides high security of the data as user’s data access is not available to their TUSD systems rather the user data at third-party account named Escrow.
– It is a stable coin which makes this coin different from other available coins.
– Transactions are performed at faster rates with lower transaction fees.
– Redemption is done easily after performing the AML/KYC check.
Future of TrueUSD
As per the future perspective, TUSD is the stable coin and it is very acceptable in terms of security.
Also, the TrueUSD team plans to tokenize different assets like, TrueEuro, TrueBond, TrueYen, and stable baskets of tokenized products (counting valuable metals and land) which can be listed on exchanges around the world for an efficient global trade.
In conclusion, Stable coins are the need of the hour when we continuously see a diminishing pattern of trust in USDT. Hence, TrueUSD is for sure to stay for long.
For more updates, stay tuned to CoinTopper.com