What is TrueUSD? Information about TUSD

• What is TrueUSD (TUSD)?
• What is TrueUSD (TUSD)?
• TUSD . Development Team
• How TUSD . Works
• Outstanding Features of TUSD
• Where to buy and sell TUSD
• Storage Wallet TUSD
• Should I invest TrueUSD (TUSD) or not?
• summary

What is TrueUSD (TUSD)?

TrueUSD is a stablecoin issued on the Ethereum platform and supports a 1:1 peg to the US dollar. TUSD is designed and issued by TrustToken with the goal of being a simple, transparent and reliable stablecoin. Currently, in addition to Ethereum, users can also use TUSD on many other blockchain platforms such as BNB Chain, Avalanche , Harmony , Polygon , Tron...

What is TrustToken?

TrustToken is a platform providing technologies and services to help tokenize real assets such as gold, silver, oil, US dollar, movies, music, etc. TUSD is the first stablecoin and token launched on the platform. TrustToken platform in Q3 2018. By December 2019, TUSD became the first stablecoin to offer real-time verification to users.

TUSD . Development Team

The TrueUSD project's development team is a member of TrustToken, including many prominent names from Stanford University, Google, UC Berkeley and Palantir Technologies. TrustToken is headquartered in San Francisco Bay and was founded in September 2017.

The TrustToken team has partnered with two law firms, WilmerHale and White & Case, to develop a regulatory framework for its collateralized cryptocurrencies. The project also owns a network of many partners, businesses and banks behind supporting its platform.

Some prominent members of TrustToken can be mentioned as:

• Rafael Cosman : He is the co-founder and CEO of TrustTolken. Prior to TrustToken, Rafael was also the co-founder of StreetCode Acadamy, an educational organization. He also has 2 years of experience working at Google and Kernel as a machine learning engineer.
• Alex de Lorraine : He is the CEO and CFO of TrustToken. Alex has over 20 years of experience in the financial sector. He used to work as an expert, head of department, and a financial analyst for many big companies such as IBM, Google, Pfizer… before coming to TrustToken.
• Tom Shields : He is the chairman of the board and chief strategy officer of TrustToken. Tom has more than 30 years in the investment field when he was the investor and CEO of many companies such as Stream Processors, Conga, Matisse Networks, AppNexus, Xandr...
• Marek Kirejczyk : Marek is a software engineer with more than 10 years of experience working at many companies like EL Passion, Daftcode, Ethworks. Currently, he is holding the position of chief technology officer at TrustToken.
• Bill Wolf : He is currently the chief investment officer at TrustToken. Bill has more than 30 years of experience in the investment field when he held the position of CEO at many big banks such as Goldman Sachs, HSBC, Credit Suisse… He also had 13 years as the Chairman of Lobo. Leasing Limited, an airline finance company, before working for TrustToken.
• Russell Korte : Russell is currently the CFO of TrustToken. Before that, he also held similar positions for large financial services companies such as Lobo Leasing Limited, Navigant, Allegro Credit and Synchrony.

How TUSD . Works

In order to maintain the stability of the assets encrypted by TrustToken, the reserve assets will be sent to the escrow accounts of third-party companies, partners, banks instead of TrustToken's funds. 

After completing identity verification (KYC) and anti-money laundering (AML), users who want to mint TUSD can send their USD and Ethereum wallet addresses to TrustToken's partner banks and companies. When these companies and banks receive enough funds and requests from customers, they will use specialized APIs to interact with the TrustToken smart contract. TrustToken will issue TUSD at a 1:1 ratio with the deposited assets and send them to the wallet address provided by the user previously.

On the contrary, whenever the user wants to change back from TUSD to USD. The user will send the TUSD back to the TrustToken wallet address, the wallet address that transferred the TUSD to the previous user's wallet. Through this wallet address, TrustToken will notify the company, the partner bank to transfer USD back to the user's account. The equivalent amount of TUSD will be burned immediately once the process is complete.

The parties involved will sign an agreement on the disclosure and audit of the mortgages on a daily and monthly basis. In this way, TrustToken will ensure the transparency and safety of users' assets as well as always keep a 1:1 ratio between the amount of fiat money in the escrow account and the amount of TUSD circulating in the market.

Outstanding Features of TUSD

• High Transparency : The escrow accounts of partners with TrustToken are open to the public and are audited monthly by reputable organizations. Users can continuously update and audit their accounts in real time through TrustToken's TrueCurrency application.
• High liquidity : Users can easily trade TUSD at more than 70 exchanges with different OTC trading services.
• High stability : All TUSD circulating in the market is always 100% collateralized with a corresponding amount of USD in the escrow assets of custodial partners with TrustToken. This keeps the value of TUSD stable and ensures a 1:1 ratio against the US dollar.
• Easy to buy/mint and exchange : Users can mint TUSD from USD or convert back almost instantly through 2 financial companies, PrimeX and Silvergate Exchange Network.
• Borderless : Users in more than 100 different countries through TrustToken's partners can easily buy, sell, trade and use TUSD for their business and investment activities.
• Widely Accepted and Used : Users can trade currencies, mint DAI, pay bills, buy goods, book travel, earn interest... with TrustToken's partners. TUSD is currently used by more than 70 companies and services that choose TUSD as one of their means of payment.

Where to buy and sell TUSD

Up to now, there have been many exchanges that allow users to buy and sell TUSD on their platforms. Some major exchanges that list TUSD include Binance, OKX, Coinsbit, BitMart, etc.

Storage Wallet TUSD

TUSD is an ERC-20 standard issuance token. Some popular cryptocurrency wallets currently used to store ERC-20 standard coins/tokens include MyEtherWallet, Trezor, Ledger, MetaMask...

If you are a trader, you can also store TUSD directly on the wallets of the exchanges you regularly trade with.

Should I invest TrueUSD (TUSD) or not?

TrueUSD was released in 2018 to compete with two popular stablecoins at that time, Tether (USDT) and USD Coin (USDC). For both USDT and USDC, US dollar reserves are controlled and managed by two parent companies, Tether Limited and Circle, respectively. In contrast, the US dollar collateral for TrueUSD is stored and managed in a number of escrow accounts of companies and banks partnering with TrustToken. This means that none of the TrustToken members can use these deposited US dollars. Each TUSD token on the market is always collateralized with a corresponding amount of USD. In addition, users who want to mint and exchange TUSD have to go through a strict identity verification and anti-money laundering process that makes TUSD arguably the safest stablecoin available on the cryptocurrency market.

As of March 2022, only nearly 1.5 billion TUSD has been issued, which is quite modest compared to USDT and USDC. Moreover, as the crypto market grows, the number of new stablecoins born also increases with many attractive incentives for users such as Binance USD (BUSD) or TerraUSD (UST).

If you are an investor who wants to store, use TUSD to trade and make profits in the crypto market, this is not the perfect time as TUSD has quite a few trading pairs on exchanges as well. less supported by today's popular DeFi applications.

However, if you are a regular user, you can completely choose TUSD for transactions, cross-border money transfers, shopping... as TrustToken's network has covered more than 100 different countries with many companies. company, the service accepts TUSD as a means of payment.

summary

Above is all the basic information about TrueUSD (TUSD) that TraderH4 has compiled. Hopefully, through this article, readers will have more useful information and knowledge and have a great choice for their investment portfolio.

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