Review on TrueUSD by Huseyn Akberov

What is TrueUSD (TUSD)?

TUSD officials announced their strategic partnership yesterday, which generated a total revenue of $20 million. Among the new partners are companies such as Anreessen Horowitz, Block Tower Capital and Danhua Capital. It was stated that the fund raised will be spent on digitizing assets as tokens, but it is not certain whether all the incoming money has been converted into TUSD. The project continues to grow and could become a new source of liquidity for the crypto market in the future. Trust Token CEO Danny An stated that TUSD is the first step to create a system of digital assets and that they will issue more different tokens.

Price instability is one of the biggest obstacles to the widespread adoption of cryptocurrencies. The highly volatile market makes it difficult to use crypto for day-to-day transactions, international transfers, and as a generally accepted payment gateway.

However, some crypto startups are taking this seriously and working towards smoother integration between the current financial paradigm and blockchain technology. It is for these reasons that stablecoins have been developed and one of such projects is TrueUSD.

Stablecoins are cryptocurrencies pegged to less volatile external assets such as fiat currencies, precious metals or oil. The supply or value of a stablecoin can also be tied to other crypto assets or fixed with algorithms. Stablecoins maintain the same value as their underlying assets, rather than going through dramatic price fluctuations. The general idea of ​​stablecoins is to maintain a stable value over a long period of time.

Stablecoins play a very important role in the crypto ecosystem. It allows more people to access the benefits of blockchain without the risk of dramatic price fluctuations. They also provide a solid foundation for traders, investors, sellers and other players looking to stabilize their earnings or assets. Basically, backing the coin with less volatile traditional assets like USD or Gold makes it more stable and thus a safer alternative for all players in the crypto ecosystem. If you want to learn more about stablecoins, “What is a Stablecoin? What Are the Types of Stablecoins? How does it work?"

The highly volatile market makes it difficult to use crypto for day-to-day transactions, international transfers, and as a generally accepted payment gateway.

However, some crypto startups are taking this seriously and working towards smoother integration between the current financial paradigm and blockchain technology. It is for these reasons that stablecoins have been developed and one of such projects is TrueUSD.

How TrueUSD (TUSD) Works

TUSD showed a rapid increase when it was first launched. Their numbers rapidly increased from 43 million tokens to 200 million tokens and more. TrueUSD transactions are done in bulk and therefore it is not known exactly how the coins are created.

Today, TrueUSD coins are stored in more than a thousand wallets. Based on data prepared by Etherescan, TUSD transactions seem to be increasing with the number of coins. It can be said that TUSD, which seems to have organic growth volume, is similar to Tether in terms of coin growth.

TrueUSD was introduced in early 2018. It was designed to be a simple, transparent and reliable stablecoin. Therefore, it does not use a secret bank account or any special algorithms.

TrueUSD's US dollar holdings are distributed in various bank accounts owned by different trust companies. The interested parties have signed an agreement to publish the collateralized assets daily and conduct monthly audits. The token uses multiple escrow accounts to reduce counterparty risk and provide its holders with legal protection against theft.

What is the Main Purpose of TrueUSD?

TUSD officials previously announced that they have earned $20 million in revenue from their strategic partnership. Partners include Andreessen Horowitz, Block Tower Capital and Danhua Capital. It was decided to spend the accumulated funds by converting them to digital as asset tokens. However, it is unclear whether all incoming assets will be converted to TrueUSD Coins. Trust Token CEO Danny An said that TUSD is the first step towards a system with only digital assets and they will produce different tokens.

TrueUSD was developed for the following purposes:

Traders and exchanges: TrueUSD is a great tool to hedge against market fluctuations and enter the markets without first buying BTC/ETH.

Mainstream commerce: Every day, people and businesses can take advantage of blockchain technologies without being subject to huge price fluctuations.

Emerging economies: Emerging markets can use stable currencies for trade.

Long-term financial contracts such as loans, salaries or prediction markets.

Financial institutions can use a trusted asset to trade in the crypto markets.

What are the Advantages of TrueUSD?

Legal protection: The company issues regular attestations that come with the strong legal protection afforded by escrow accounts.

Available for USD: Any person or organization that has passed AML / KYC check on the TrustToken platform can redeem TUSD for USD. However, the minimum withdrawal amount is $10,000.

Reliable Fund Management: The way the TrueUSD system is set up allows you to exchange USD directly with escrow accounts instead of wiring over the TUSD network.

Full Collateral: A single TUSD token is always collateralized with USD held in the escrow account company. New tokens are minted and burned by publicly audited smart contracts.

Regular Confirmations: All escrow account assets are subject to regular public validations.

How to Buy TrueUSD (TUSD)?

TUSD can be purchased on the Binance exchange. You must be a Binance Exchange member to buy TUSD. After logging in, you can buy TUSD by buying and exchanging Bitcoin.

The TrueUSD token is increasingly listed on exchanges, and the company regularly releases confirmations monthly and sometimes biweekly. All of them can be found on TrustToken's blog.

How to Store TrueUSD (TUSD)?

TrueUSD is an ERC-20 token issued on the Ethereum blockchain. It can be stored in any wallet that supports the ERC-20 standard. The most popular options include MyEtherWallet, MetaMask, Mint or Jaxx wallets.