TrueUSD Launches Natively on Avalanche, Bringing US Dollar Liquidity to its DeFi Ecosystem
TrueUSD, one of the most transparent stablecoins on the market, launches on Avalanche as first of several TrustToken products coming to Avalanche
TrueUSD (TUSD) has natively launched on Avalanche. This brings another cornerstone DeFi asset to the rapidly growing Avalanche ecosystem and expands U.S. Dollar liquidity for users and applications in it. TrustToken plans to bring additional products to Avalanche that build on TUSD, and will play a vital role in the DeFi applications on the platform.
Users can now access TUSD on Avalanche directly through TrustToken’s TrueCurrencies App. AVAX-TUSD will also be added as a liquidity pool on decentralized exchange Pangolin, so users can also access it directly in Avalanche’s DeFi ecosystem alongside other prominent DeFi assets like $WBTC, $LINK, $UNI, $AAVE, and $YFI that have been ported over the Avalanche-Ethereum Bridge.
TrueUSD is one of the most transparent stablecoins on the market, backed 1:1 to the US dollar with live attestations by Armanino and on-chain Proof of Reserves with Chainlink. It is 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 120 countries.
By launching on Avalanche, TrueUSD users can now send and receive the stablecoin with sub-second finality and low transaction fees. For the first time, stablecoins will move like cash on a decentralized network, rather than waiting extended periods of time for block confirmations or paying exorbitant fees.
Since the launch of the Avalanche-Ethereum Bridge on February 8, smart contract activity on Avalanche has boomed, with transactions increasing by 631% to over 400,000, and unique wallets increasing by 1300% to top 30,000.
Since launching its mainnet on September 21, Avalanche has gained over 830 full, block-producing validators participating in network consensus, and an additional 5,500 delegators participating in staking. Collectively, they make Avalanche the most decentralized layer 1 blockchain platform, and the third-largest in staked value at over $8B.
Avalanche is an open-source platform for launching highly decentralized applications, new financial primitives, and new interoperable blockchains. 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.