TrueUSD (TUSD) Summary
- TrueUSD (TUSD) is a USD-backed stablecoin.
- It aims to provide stability in value compared to volatile cryptocurrencies.
- TUSD is fully collateralized by USD held in escrow accounts.
- It offers transparency and regular attestations of its reserves.
- TUSD is used for trading, payments, and hedging against market volatility.
TrueUSD (TUSD) Definition
TrueUSD (TUSD) is a stablecoin that is pegged 1:1 to the US Dollar (USD).
It is designed to provide price stability by being fully collateralized with USD held in escrow accounts.
TUSD aims to offer transparency, reliability, and reduced volatility in transactions and investments.
What Is TrueUSD (TUSD)?
TrueUSD (TUSD) is a type of cryptocurrency known as a stablecoin.
Unlike traditional cryptocurrencies that can experience significant price fluctuations, TUSD is pegged to the US Dollar, maintaining a stable value.
This stability is achieved through full collateralization, meaning that for every TUSD in circulation, there is an equivalent amount of USD held in reserve.
Who Created TrueUSD (TUSD)?
TrueUSD (TUSD) was created by TrustToken, a company that specializes in creating asset-backed tokens.
TrustToken’s mission is to bring real-world assets onto the blockchain through a variety of tokenized products.
The company was founded by Rafael Cosman, Stephen Kade, Tory Reiss, and Jai An.
When Was TrueUSD (TUSD) Launched?
TrueUSD (TUSD) was officially launched in March 2018.
Since then, it has grown in popularity as a reliable stablecoin option for traders and investors.
The launch aimed to address the need for a transparent and fully collateralized USD-backed stablecoin.
Where Is TrueUSD (TUSD) Used?
TrueUSD (TUSD) is used globally on various cryptocurrency exchanges, wallets, and financial platforms.
It is commonly used in trading pairs with other cryptocurrencies to provide stability during transactions.
Additionally, TUSD can be used for payments, remittances, and as a hedge against market volatility.
Why Was TrueUSD (TUSD) Created?
TrueUSD (TUSD) was created to address the volatility issues inherent in traditional cryptocurrencies.
By providing a stable value, TUSD aims to facilitate more predictable and reliable transactions.
The goal was also to enhance transparency and trust by offering regular attestations of its USD reserves.
How Does TrueUSD (TUSD) Work?
TrueUSD (TUSD) works by being fully collateralized with USD held in escrow accounts managed by trusted third-party fiduciaries.
When a user purchases TUSD, an equivalent amount of USD is deposited into the escrow account.
Regular attestations are conducted by third-party accounting firms to ensure that the reserves match the circulating supply of TUSD.
This mechanism ensures that TUSD maintains its 1:1 peg to the US Dollar, providing stability and trust.
