How to Store USD on a TREZOR Wallet or Ledger Nano S
Everyone enjoys when their cryptocurrency holdings go up, but not many people are as enthused when the market goes down or fluctuates wildly. The fact is that, at least in this stage in the evolution of cryptocurrencies, market swings are much more frequent and severe than with traditional stocks, bonds and other types of investments. Growth can reverse as quickly as it appears — and vice versa. One method crypto investors use to protect against sudden fluctuations in price is buying stable coins, cryptocurrencies which have a value that is tied at a 1:1 ratio to a fiat currency. While this does help protect against price swings, stable coins are not inherently any more secure than other classes of cryptocurrencies if they are stored on vulnerable wallets on centralized exchanges. Luckily, there’s a solution to that.
Today we’re going to show you how to maximize the potential of stable coins like TrueUSD by storing your US dollars on a hardware wallet.
Why bother doing this in the first place?
If you made a lot of money from your cryptocurrency investments, you don’t want to lose them when the market turns around. By swapping some of your some your coins which have performed well for a stable coin, you can lock in those gains while still keeping them liquid in the crypto marketplace.
The alternative is to sell them for fiat when the value is high. If you decide you want back in after cashing out though, you’ll have to go through the tedious process of buying back in and paying numerous fees before you get the coins you want again.
With stable coins, you get the best of both worlds; you can secure your gains without the downsides of cashing out. That way your money remains liquid and you can easily jump back in and reinvest in other cryptocurrencies when prices drop again.
Which stable coin should you use?
There are numerous stable coins to choose from which are linked to various popular fiat currencies. Perhaps the most famous example is Tether (USDT), which is issued by Tether Limited and which the company states is backed by actual US dollar holdings in the company’s reserves. To date however, Tether has not released a full audit.
An alternative is TrueUSD (TUSD), another US dollar stable coin project which uses a different method for backing up the tokens issued. Instead of holding dollars themselves, they partner with banks and fiduciary institutions to hold dollars in escrow. TrustToken (the company behind TUSD) has stated that the TUSD project undergoes bi-monthly attestations to prove the USD holdings in escrow are really there, and publishes the results on their blog twice per month.
A few months ago we published a detailed comparison of Tether VS TrueUSD, which has proven to be one of our most popular articles. At this time, Faast only lists TUSD.
Now we’ll show you how you can use Faast to swap your profitable cryptocurrency tokens for TUSD and store them on Ledger Nano S or Trezor wallet, effectively allowing you to store US dollars on a hardware wallet.
How to Store US Dollars on Your Trezor Wallet or Nano Ledger S
First, review our hardware wallet user guides for the wallet you wish to use:
After familiarizing yourself with the steps, go to the Faast website, sync your hardware wallet, and click the “swap” link at the top of the page:
Select how much of your funds you with to allocate towards TrueUSD, and click “save changes”. That’s it!
Because TUSD is an erc-20 token, it is compatible with the Trezor and Ledger wallets. By doing this, you are now keeping US dollars on a hardware wallet.
Not only are your dollars protected against market swings, they are protected against theft by hackers as well. You retain complete control.
Want to have some stable, liquid dollars ready to go at a moment’s notice for buying cryptocurrency? Want to lock in those “savage gainz” the next time we have a bull run? (and yes, it will inevitable happen again)
Faast + Your Trezor or Nano Ledger S + TrueUSD. We just handed you the formula to do both in the safest way possible.