What is TrueUSD? Overview of TrueUSD Coin cryptocurrency
What is TrueUSD (TUSD)?
TrueUSD (TUSD) is a new stablecoin, which has little price volatility, similar to the Tether (USDT). TrueUSD is the only redeemable digital currency that gives credit cardholders complete information about mortgages by USD, third-party certificates and legal safeguards to exchange TUSD for USD.
Its purpose is to create a simple stablecoin, without having to trust some companies with hidden bank accounts (referring to Tether USDT) or certain special algorithms. TrueUSD’s legal framework allows you to exchange USD directly with margin accounts that are not authorized to interfere with your money thanks to the role of a third party (Escrow Account, a reputable verified in the platform that is not related to the trader and TrueUSD) as an intermediary to create the best transparency and to use smart contracts to ensure 1: 1 ratio for the TUSD/USD pair.
Features of TrueUSD
TrueCoin emphasizes the following core features:
- Stability in value: The value of TrueUSD is backed by USD, making it a stable currency that any cryptocurrency exchange can use.
- Legal Protection: Anyone who passes the KYC / AML standard test has the right to use TrueCoin legally for USD.
- 1: 1 ratio guarantee between TUSD and USD: All TrueUSD coins are always 100% mortgaged in USD, held at banks that are publicly disclosed by companies.
- Transparency: TrueUSD bank accounts will be made public to the public and subject to monthly audits by reputable third parties.
- Bank-level security: TrueUSD will regularly undergo independent third-party assessments by leading auditors to ensure the best possible privacy practices.
- Direct withdrawal at the bank: Users do not need to interact with TrueUSD when they want to exchange money for USD. Instead, they can transact directly with the company’s bank, and TrueCoin never touches the fund.
How to use TrueUSD
Here are the basics you need to know to start working with TrueUSD:
- Pass the KYC / AML test
- Deposit USD for a trusted company with a depository agreement
- When a trusted company verifies your money, their API instructs TrueUSD’s smart contracts to issue TUSD equivalent to your public Ethereum address.
- To withdraw USD, you need to pass KYC / AML checks, send your TUSD token smart contract from the registered Ethereum address, then the bank will monitor and send money to you.
TrueUSD history and development roadmap
- Q3/2017: Completed SmartTrust, started developing TrustProtocol for auditing and insurance.
- December 2017: Established partnerships with banks and exchanges, continued to develop TrustProtocol and conducted a fundraising round for the TrustToken Platform on which TrueUSD is built.
- January 2018: Launched support for buy/bank transfers. Deploying TrueUSD smart contract; Launched alpha version of TrueUSD for traders and institutions
- February 2018: Listed TrueUSD on the exchange.
- Q3/2018: Launched of TrueUSD beta
TrueUSD development team
TrueUSD’s development team is the Trust Token development team of many typical members from Stanford University, Google Brain of Google, and Palantir Technologies company. TrueUSD is based in the San Francisco Bay Area, which was established in September 2017. Here are the project’s outstanding members.
- Daniel An, CEO of TrustToken: Daniel has an IT and data science background and has some experience managing developers at PwC.
- Rafael Cosman, CTO of TrustToken. has a machine learning background (worked at Google Brain and Palantir) and is the founder of HackSphere, a private community of more than 200 engineers from Stanford and M.I.T.
- Stephen Kade, Co-Founder of TrustToken. Previous researcher at Kernel and co-founder at NeuroTechX
TrueUSD’s key partners, including Stanford University’s Stanford StartX Fund, G & TCA, Oshins & Associates Law Office, LLC, Cooley, WilmerHale, Nevada’s Alliance Trust, Wealth Advisors Trust Company and others.
The exchange rate for the current TUSD Coin
The TUSD cryptocurrency has been listed at Coin Market Cap since March 2018 with an initial price of $ 0.99. At the time of writing this article, Dec. 30, 2019, the price of TUSD digital currency is 1.00 USD, as I said above, the value of TUST corresponds to USDT so its price will fluctuate in 1 USD.
Currently, TUSD has a market capitalization of more than 150 million USD. The trading volume in 24 hours is over 500 million USD. The number of TUSD coins in circulation is 152,691,094 TUSD. You can see updated TUSD Coin Rates in here.
Trading TUSD coin on which exchange?
Currently, you can trade TUSD coins at 4 exchanges in the world including Bittrex, Upbit, CoinTiger, Binance and Kuna through the major pairs of TUSD/BTC, TUSD/ETH, and TUSD/USDT.
Which crypto wallet should we store TUSD?
TUSD is an ERC20 standard token, so the e-wallets used to store them must comply with the ERC20 standard and the current popular wallets are MyEtherWallet, Trezor, Ledger Nano S, ImToken or Metamask.
If you are a regular trader, you can store TUSD coins directly on the e-wallets of the exchanges. If you are a long-term investor and do not need frequent transactions, you should use the separate wallets that we have suggested for you above.