TrueUSD (TUSD) Crypto Exchange
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What is TrueUSD (TUSD)
TUSD, or TrueUSD, is one of the several stablecoins on the crypto market. It is an ERC- 20 fiat-collateralized asset that is tied to the dollar at a one-to-one ratio. According to TrueUSD’s website, it is the first regulated stablecoin backed by the U.S. Dollar. It was introduced by the TrustToken platform, an uncollateralized lending platform and the team behind the asset consists of individuals from Stanford, UC Berkeley, Palantir, and Google.
TUSD was designed to deal with the volatility issues the crypto market tends to face and to become a reliable and transparent crypto asset. The TrueUSD team regularly publishes audits and info on collateralized holdings. The TrueUSD network only approves those users who passed AML/KYC procedures and can verify their identity. For their part, the TUSD management team guarantees transparency and minimal involvement: a new TUSD is minted automatically when a USD is deposited to the network and burns when it is withdrawn. TrueUSD is attested by a well-known accounting firm, Armanino, and relies on five banks to safe keep the U.S. dollars backing the asset. These five banks include Signature Bank, Silvergate Bank, Prime Trust, First Digital Trust, and BitGo.
In March 2022, TrueUSD announced that it has partnered with a Cronos-based trading platform, VVS, to launch an incentive campaign. For 60 days users could earn 100,000 TUSD as a mining reward in exchange for staking VVS against TUSD.
