TrueUSD (TUSD)
TrueUSD (TUSD) Key Points
- TrueUSD (TUSD) is a stablecoin, a type of cryptocurrency.
- It is fully collateralized, legally protected and transparently verified by third-party attestations.
- TUSD is pegged to the United States Dollar on a 1:1 basis.
- It is backed by the trust company, TrustToken, which holds the collateralized US dollars.
- In terms of market capitalization, TrueUSD is one of the largest stablecoins in the world.
- It offers a secure and stable store of value and medium of exchange in the volatile crypto markets.
TrueUSD (TUSD) Definition
TrueUSD (TUSD) is a stablecoin, a type of digital currency that is pegged to a stable asset, in this case, the United States Dollar. It is fully backed, meaning for every TUSD in circulation, there is an equivalent amount of USD held in reserve. TrueUSD is designed to be transparent and secure, providing regular audits and legal protections to its users.
What is TrueUSD (TUSD)?
TrueUSD is a type of cryptocurrency known as a stablecoin.
Stablecoins are designed to minimize the volatility seen in other cryptocurrencies like Bitcoin and Ethereum, making them more suitable for everyday transactions.
As a stablecoin, TUSD is pegged to the US dollar on a 1:1 basis. For every TUSD token in circulation, there is an equivalent US dollar held in reserves.
Who Created TrueUSD (TUSD)?
TrueUSD was created by TrustToken, a platform that creates asset-backed tokens that you can easily buy and sell around the world.
TrustToken was founded by a team of seasoned entrepreneurs and technologists, who envisioned using blockchain technology to open access to financial opportunities and enable a more seamless, interconnected global economy.
When was TrueUSD (TUSD) Created?
TrueUSD was launched by TrustToken in 2018.
Since its launch, TrueUSD has grown in popularity as a stable digital asset within the volatile cryptocurrency market, providing a reliable store of value and medium of exchange.
Where is TrueUSD (TUSD) Used?
TrueUSD is used in the global cryptocurrency market.
It is commonly used as an intermediary currency for trading different cryptocurrencies on exchanges that don’t offer direct fiat-to-crypto trading pairs.
Additionally, it serves as a stable store of value for traders and investors looking to hedge against the volatility of other cryptocurrencies.
Why was TrueUSD (TUSD) Created?
TrueUSD was created to provide a stable, transparent and legally protected stablecoin in the cryptocurrency market.
It was designed to offer the advantages of digital currencies without their extreme volatility.
The creators of TrueUSD wanted to provide users with a cryptocurrency that could be used in everyday transactions and as a stable store of value.
How Does TrueUSD (TUSD) Work?
TrueUSD works by maintaining a 1:1 ratio with the US dollar.
Whenever a new TrueUSD token is issued, an equivalent amount of USD is held in a bank account.
This reserve is regularly audited to ensure transparency and trust in the system.
When a user wants to redeem TUSD for USD, the corresponding amount of TUSD is burned or destroyed, maintaining the 1:1 ratio.