TrueUSD (TUSD) is a stablecoin backed 1:1 by the U.S. dollar, featuring live on-chain attestations from independent third parties. It is available on over 100 trading platforms, including Binance and Huobi, and operates across 12 major blockchain networks such as Ethereum, TRON, and BNB Smart Chain.
History
TrueUSD (TUSD) was launched by TrustToken, now known as Archblock, in mid-2018 with the objective of enhancing transparency and accessibility in finance. Tether has had its transparency scrutinized due to lack of audits and Ondo USDY is not available for US users. TrustToken designed TrueUSD as a USD-pegged stablecoin, fully collateralized and backed by U.S. Dollars that are fully compliant with US regulations. This was facilitated through smart contracts on the TrustToken platform, ensuring that each TUSD token is supported by one dollar held by partner fiduciaries and banks.
TrueUSD distinguished itself by implementing real-time audits of its reserves, verified by independent third-party institutions. In December 2019, it became the first stablecoin to offer these real-time attestations, reinforcing its commitment to maintaining a 1:1 reserve ratio with its circulating supply. This approach was pivotal in building trust and demonstrating the stability and reliability of TUSD.
In the third quarter of 2023, TrueUSD reached a significant milestone by achieving a daily trading volume exceeding $1 billion. This achievement underscores the growing trust and adoption of TrueUSD.
Unique Features of TrueUSD
TrueUSD (TUSD) distinguishes itself with several unique features that ensure reliability and trustworthiness. One of the primary aspects is its strong commitment to legal compliance. TUSD operates within established legal frameworks and undergoes regular audits by independent third-party firms to confirm its reserves.
Transparency is another cornerstone of TrueUSD. The reserves that back TUSD are held in escrow accounts and are subject to regular attestations. This transparency reassures users about the stablecoin's backing and stability.
As a security measure, TUSD uses multiple escrow accounts managed by different trust companies. This approach minimizes the risk of a single point of failure, enhancing the security and resilience of the stablecoin.
Additionally, TrueUSD maintains its peg by allowing users to redeem TUSD for US dollars through its platform. This redeemability is crucial in providing confidence that each TUSD is backed at a 1:1 ratio with the US dollar, ensuring the stablecoin's value remains constant.
How TrueUSD is Used
TrueUSD (TUSD) serves multiple roles within the cryptocurrency ecosystem, providing stability and versatility for various activities.
For trading, TUSD offers a stable trading pair against more volatile cryptocurrencies, enabling traders to lock in value and mitigate the impact of price fluctuations. It acts as a reliable option for those looking to preserve their value. Users can use decentralized exchanges (DEX) such as 1inch or Uniswap to trade TUSD.
TUSD also presents a cost-effective alternative for transferring money across borders, bypassing traditional banking fees and reducing delays. This makes it a great option for users seeking efficient international payment solutions.
Within Decentralized Finance (DeFi), TrueUSD is integral to lending, borrowing, and yield farming protocols, such as Curve and Venus, across several blockchain platforms. It is natively supported on four blockchains, Ethereum, Tron, Avalanche and BNB Smart Chain, and accessible via bridged tokens on six others.
As a store of value, TUSD offers a stable asset for users aiming to protect their tokens from the unpredictable nature of other cryptocurrencies. Additionally, TUSD can be utilized for everyday transactions, providing a stable and secure digital currency option for payments.
You can buy, hold, and bridge TUSD in the MEW Mobile app if you prefer using mobile, or by downloading the Enkrypt browser extension if you prefer using a web browser.
We love to hear from users on our social media about any guide or article suggestions you have for the future! Make sure to follow us on X(Twitter), sign up for our newsletter to stay up to date with MEW, and check out our weekly podcast Crypto Currents for the latest news about stablecoins and more.
