Avalanche Expanding Liquidity Across its DeFi Ecosystem with Upcoming Launch of First USD Stablecoin, TrueUSD
Top five fiat-backed stablecoin by market cap coming to Avalanche in early Q1 2021.
We’re excited to announce that TrueUSD (TUSD), a top-five fiat-backed stablecoin by market cap, will launch natively on Avalanche in Q1 2021. Adding a reputable and widely-used stablecoin like TUSD is not only a critical addition to the growing DeFi ecosystem on Avalanche but will also be a leap forward in the utility of stablecoins more broadly.
TrueUSD is the first and only fully-backed stablecoin attested independently live and on-chain, and one of multiple TrueCurrencies built by TrustToken, which include TGBP, THKD, TCAD, and TAUD. Collectively, TrustToken currencies trade on over 100 exchanges and OTC desks, generating billions of dollars in monthly volume across more than 150 countries.
By launching on Avalanche, TrueUSD users will be able to send and receive the stablecoin with sub-second finality, and transaction fees that are just fractions of a cent. For the first time, stablecoins will be moving like cash, rather than waiting extended periods of time for block confirmations or paying exorbitant fees for USD-denominated transactions.
It will also provide traders the fastest way to get fiat-equivalent currencies in and out of exchanges, rendering it suitable for arbitrage, high-frequency trading, and other low-latency use cases.
“U.S. Dollar liquidity is vital to thriving DeFi ecosystems, and we’re excited to bring one of the most trusted and widely-used stablecoins onto Avalanche. TrueUSD on Avalanche will be a vital component of a new wave of stablecoin applications and products that are only possible with near-instant finality.”
– John Wu, President of Ava Labs.
Since launching its mainnet on September 21, Avalanche has gained over 650 full, block-producing validators participating in-network consensus, and an additional 2,500 delegators participating in staking. Collectively, they make Avalanche the most decentralized layer 1 blockchain platform and have accounted for over $1.3B in AVAX staked to secure the network at peak.
“Bringing TUSD to Avalanche means putting our industry’s most transparent medium of exchange in the hands of even more builders. TUSD is the first TrustToken product of many coming to Avalanche. We’re thrilled to see what Avalanche’s fantastic developer community will create with TrueCurrencies as building blocks.”
– Rafael Cosman, CEO of TrustToken.
Avalanche is an open-source platform for launching decentralized finance applications and enterprise blockchain deployments in one interoperable, highly scalable ecosystem. Developers who build on Avalanche can easily create powerful, reliable, and secure applications and custom blockchain networks with complex rulesets or build on existing private or public subnets.