TrueUSD (TUSD)
Last updated 12/06/2021
Official website: https://www.trusttoken.com/
Introduction to TrueUSD (TUSD)
TrueUSD is a stablecoin created by TrustToken which is pegged to the US Dollar. It is an ERC-20 token issued on the Ethereum (ETH) network that can be redeemed on a 1:1 basis for USD. The term ‘stablecoin’ applies to a cryptocurrency that is fixed to the price of a fiat currency such as EUR, GBP or USD. TrueUSD is a trusted stablecoin that is pegged to the US Dollar, and this is achieved by TrustToken maintaining the amount of TUSD in circulation to be the same as the amount of USD held in custodial accounts.
The value of TrueUSD (TUSD) is independently attested live on-chain by Armanino in TrustExplorer. Armanino publishes the Proof of Reserves in a real-time assurance dashboard which can be found here. This shows the amount of TUSD tokens in circulation compared to the amount of escrowed fiat held in custodial accounts. For TUSD to maintain its ‘stablecoin’ status, these figures must always be fully collateralised i.e. remain the same.
TrustExplorer is the world’s first application that provides independent accountant reports in real-time, and when the amount of minted TUSD is greater than the amount of USD in reserve, this would trigger a transaction failure. Transactions are only approved when the TUSD minted is less than or equal to the amount of USD in reserve.
TrustToken has also created different stablecoins that are pegged to different fiat currencies such as HKD, GBP, AUD and CAD. These stablecoins are also attested in real-time by Armanino and are conveniently named TrueHKD, TrueGBP, TrueAUD and TrueCAD.
Team
The TrustToken team consists of a variety of highly skilled members and the leadership team is as follows:
- Rafael Cosman – Co-Founder & CEO
- Alex de Lorraine – COO & Senior Director, Finance
- Tom Shields – Chairman of the Board
The full TrustToken team can be found on their official website here.
Roadmap
TrueUSD was first introduced in mid-2018 as a fully collateralised stablecoin backed by the US Dollar. When it was launched, it was distributed via a TrustToken platform smart contract and since then, TrustToken has partnered with registered banks and fiduciaries that hold the assets backing TUSD.
In December 2019, TrueUSD became the first stablecoin to offer real time audits. Ever since, TUSD has maintained its stablecoin status and continues to be redeemable on a 1:1 basis for USD.
Where to Store TrueUSD (TUSD)
TrueUSD (TUSD) is held in a wallet like many other cryptocurrencies. TrueUSD is an ERC20 token and can be held in any Ethereum based wallet, if compatible. Some ERC-20 compatible wallets that can hold TUSD are listed below:
As TUSD is built on the Ethereum (ETH) network, coins can be stored in any wallet that support Ethereum-based transactions. Exodus is a popular desktop platform to store TUSD for its user-friendly features and multi-currency compatibility. The platform also presents a real time portfolio valuation and tracks the value of assets held.
Atomic wallet is also an alternative wallet app option with similar ease of use features as well as leading hardware wallet, Ledger.
Where to Buy and Sell TrueUSD (TUSD)
You can Buy & Sell TrueUSD (TUSD) here at BC Bitcoin.
You can Buy TrueUSD by heading over to the Buy Coins page of our website. TUSD is available on BC Bitcoin trading against major fiat currencies: GBP and EUR. Buying TUSD has never been easier, simply place your order and provide your wallet address. Once your payment arrives TUSD will be sent directly to your wallet.
If you choose to Sell TrueUSD (TUSD) you can send us the coins and receive a payment to your bank account. Details and a valuation can be found on the Sell Coins page.
TrueUSD (TUSD) Resources
Website: https://www.trusttoken.com/
Block Explorer: https://etherscan.io/
Twitter: https://twitter.com/TrustToken
Disclaimer: The information provided in this article is intended for informational purposes only. It is the readers responsibility to complete their own research and due diligence.