Review on TrueUSD by francis fernandez

Name: TrueUSD
Item: TrueUSD
Rating: 5

September 14, 2020

True USD-minimizing exchange rate volatility

TrueUSD is a stable digital currency pegged to a fiat currency, such as the United States dollar (USD). Hence, its main characteristic is to be a currency stabilizer; that uses blockchain technology.
How are TrueUSD created?
The issuance of TrueUSD is carried out by the TrustToken platform; a network that is responsible for generating tokens that are backed by globally tradable fiat money and by financial institutions that safeguard the funds that guarantee the TrueUSD Tokens.
Where are the TrueUSD dollars stored?
TrueUSD US dollars are stored in bank accounts of different banks and financial entities in different parts of the world; which have entered into custody guarantee agreements for these funds.
These bank accounts that guarantee TrueUSD are audited monthly, in addition to daily scheduled updates of public access.
What do we use TrueUSD for?
Users can use this cryptocurrency:
* As a form of payment when making purchases in physical stores and online stores when the money is available in your wallet.
* To carry out currency exchanges to another fiat currency or cryptocurrency. This is done by means of a check sent by the user to TrueUSD. Then TrueUSD through a smart contract communicates to the fiduciary bank and it sends dollars to the Ethereum user through a public address.
* To make transfers to other users or to other financial entities.
Where is TrueUSD applied for?
Users can apply for TrueUSD online; after compliance with the two security tests (KYC and AML). These serve to verify that the client does not have fraudulent intentions (KYC) and to avoid money laundering.
The process consists of three steps: The user issues the check and sends the US dollars to the TrueUSD financial institution. Then the TrueUSD smart contract executes and issues tokens to the user.
To which wallet would the TrueUSD be sent?
User tokens are sent to their Ethereum wallet addresses.

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Pros

TrueUSD supports different fiat currencies; hence, they can be widely marketed on five continents by more than 70 popular exchange houses; among them: Binance, Bittrex.
Because it is a cryptocurrency backed by the dollar, it has high acceptance worldwide in all businesses and markets.
Its exchange rate pegged to the US dollar (1 TrueUSD = 1 $ USD) gives it a stable value in the market; therefore it is little exposed to the volatility of the exchange market.
It is a fast platform with easy access to its functions.
The costs or fees for their services are quite cheap.

Cons