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Review on TrueUSD by Rose Paschke
TrueCoin is a stablecoin that aims to offer a more transparent alternative to…
TrueCoin is a stablecoin that aims to offer a more transparent alternative to Tether and its USDT digital token. Today, many exchanges use Tethers as a way for users to exchange cryptocurrencies into stable fiat currencies. However, Tether has faced criticism for its alleged lack of audits.
Pros
- TrueCoin also has a unique legal framework that allows users to exchange USD directly with a custodial account – so TrueCoin never touches the funds. Plus, publicly-audited smart contracts ensure a 1:1 parity between TrueCoin and USD in the accounts. The end result is a simple stablecoin without the need to trust some company’s hidden bank account or special algorithm.
Cons
- TrueUSD does not capture funds that are acquired without anyone else in the bank that nobody knows. Funds removed by trusteeship trustees are consistently checked.
