TrustToken Releases Five Stablecoins Built on Binance Chain

TrustToken
Aug 8 · 3 min read

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.

Deposits for TUSDB are now live on Binance.com and you can purchase TUSD and TUSDB within the TrustToken.com app, as well.

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.

About TrustToken

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

TrustToken

Written by

Making economic opportunity accessible for all by bringing finance to the internet age | Makers of #TUSD #TCAD #TAUD #TGBP #THKD | trusttoken.com

Welcome to a place where words matter. On Medium, smart voices and original ideas take center stage - with no ads in sight. Watch
Follow all the topics you care about, and we’ll deliver the best stories for you to your homepage and inbox. Explore
Get unlimited access to the best stories on Medium — and support writers while you’re at it. Just $5/month. Upgrade