TrustToken builds fiat onramps for Binance DEX, tokenizing USD, GBP, AUD, CAD, and HKD on Binance Chain
San Francisco, CA, August 7, 2019 — TrustToken announced the release of five new tokenized currencies built on the Binance blockchain: TrueUSD, TrueGBP, TrueAUD, TrueCAD, and TrueHKD. The launch of these currencies on Binance Chain will enable new fiat onramps to Binance DEX, greatly expanding the options for users to move between cryptocurrencies and bank accounts around the world. TrustToken’s products were previously only available as an ERC20 token built on Ethereum. With the added Binance Chain compatibility, users can now trade all five of TrustToken’s stablecoins on Binance DEX with trading fees as low as 0.04%.
The launch of multiple stablecoins on Binance Chain will deepen TrustToken’s integration with the Binance ecosystem. Binance has been an important platform to TrustToken and for the growth of TUSD.
TrustToken submitted TUSD for listing on Binance DEX on July 15 and were approved for listing on July 30. TrustToken will submit proposals for listing the rest of their tokenized currencies (TGBP, TAUD, TCAD, THKD) on the DEX over the coming weeks.
For security, TrustToken pre-minted the maximum supply for these BEP2 tokens. This allows excess supply to be frozen or time-locked, so it cannot be suddenly minted and leaked into circulation. The circulating supply is the supply that is not held by the issuer address. A real-time confirmation dashboard will verify these circulating funds are fully-backed at all times. This differs from the TrueCurrencies on Ethereum, where the entire supply is in circulation.
TrustToken is the fastest and most-secure fiat on-ramp for Binance DEX. Besides TrueUSD, TrustToken has also tokenized the Canadian Dollar, Australian Dollar, British Pound, and the Hong Kong Dollar. All five of these currencies will be cross-chain between the ERC20 and BEP2 token standards via Hash Time Locked Contracts (“HTLC”) atomic swaps, shortly after HTLC reaches mainnet on Binance Chain.
“We are proud to be bringing TrustToken’s family of stablecoins to the Binance ecosystem,” said Jai An, TrustToken Co-founder, and CEO. “Our goal is to provide more users with easy access to stablecoins they can trust. Binance has shown a continued commitment to building great products that users can rely on — we are excited to be building on Binance Chain!”
About Binance DEX
Binance DEX is a decentralized exchange built on Binance Chain, which produces a block every second, so transactions confirm faster than many other leading blockchains. Binance DEX allows self-custody of funds which minimizes counter-party risks, greatly reducing the chance that user funds can be hacked or stolen. Additionally, the exchange is engineered to prevent front-running and expose wash-trading.
TrustToken is creating a more efficient and inclusive global financial system by digitizing assets that can be seamlessly and securely exchanged across markets worldwide. TrustToken’s first product, TrueUSD, has become the most traded stablecoin fully backed by US dollars. TrustToken has since launched four additional fiat-backed stablecoins, TrueGBP, TrueAUD, TrueCAD, and TrueHKD. For more information, visit https://app.trusttoken.com