1 Level
11 Review
5 Karma
Review on TrueUSD by Bisi Jo
TrueUSD is a USD-backed ERC20 stablecoin that is fully collateralized, legallyโฆ
TrueUSD is a USD-backed ERC20 stablecoin that is fully collateralized, legally protected, and transparently verified by third-party attestations. TrueUSD uses multiple escrow accounts to reduce counterparty risk, and to provide token-holders with legal protections against misappropriation. TrueUSD is the first asset token built on the TrustToken platform.
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Pros
- Cryptocurrency traders want a trustworthy stablecoin to hedge against volatility, and enter crypto markets without immediate exposure to BTC/ETH.
Cons
- TrueUSD tokens you now hold are effectively certificates that can be redeemed for fiat USD. To redeem them, you send TrueUSD tokens back to the TrustToken, which activates a smart contract that will burn the amount of tokens you wish to exchange. TrustToken then notifies the bank holding the corresponding amount of USD in escrow, and they wire the USD directly to your bank account so i fell inconvenience
