On the 20th of January we had an awesome collaboration with the TUSD team through an AMA on our Telegram channel. If you missed it, don’t worry! Here we’ll go over the questions from the Snowball community and the answers from their team:
“Can you introduce the TUSD project to our users?”
TrueUSD is the first fit-independently-verified digital asset redeemable 1-for-1 in US Dollars. The multichain stablecoin uses various banks, escrow accounts and third party attestations to reduce counterparty risk, provide transparency, and prevent fraud.
Each TUSD token is fully collateralized and attested live on-chain, now moving billions in monthly trade volume across over 10 global trading partners.
Liquidity is offered on numerous leading exchanges, DeFi protocols, and is supported by major OTC desks worldwide with reach to international customers in over 120 countries. TUSD also supports nearly instant minting and redemption speeds with multiple financial partners.
“What sets TUSD apart from other stablecoins?”
For this question, we will have 3 major points to mention. As you know we are very proud of our rigorous choice of partnerships, this goes for our compliance, our audits as well as our security.
First, TrueUSD works with various different financial partners and OTCs. We have always worked with top accounting firms to verify our pegged funds and to make sure they are pegged 1:1 to the US Dollar. Since the beginning, TrueUSD has worked with Armanino for the real-time audits we provide our users. These are available at all times by clicking this link.
In addition to this, TrueUSD works with renowned financial partners, namely First Digital Trust, Prime Trust, Silvergate Bank and Signature Bank. Most recently, we have a new banking partner in Signature Bank through an integration with its blockchain-based payment platform Signet, which means there is an additional real-time settlement option for TUSD users and holders.
And last but not least, all funds are supervised by our trust company, which means that no one from the TrueUSD team has access to funds in custody nor are they involved in any fund allocations. To purchase TUSD, a user must do so from our official webpage by sending USD and their receiving address to our trust company. This one will then send an execution command to the smart contract and the TUSD will be deposited directly in the user’s wallet. This ensures security for our users as well as an all-in-all smoother process.
“What achievements has TUSD made in DeFi thus far?”
We had a very busy year indeed! TrueUSD reached a circulating supply of over 1.5 billion in 2021 and made major breakthroughs in multichain development, partnerships with bank partners and DeFi ecosystem projects.
In 2021, TrueUSD entered into a partnership with Silvergate Bank,and leveraged the Silvergate Exchange Network (SEN) to deliver near-instant token minting and redemption services. TrueUSD also collaborated with Signature Bank to realize instant deposit and withdrawal by integrating its stablecoin TUSD into Signature Bank’s Signet.
Additionally, TrueUSD has established partnerships with more than 100 exchanges, and continued to expand cooperation with crypto exchanges, enabling TUSD deposits and withdrawals for a broader audience. This has offered users greater convenience and more options.
We’ve also held quite a few asset management activities throughout the year, and worked on OTC trading, which you can all read about in our Wrap-Up article.
“What goals does TUSD have for 2022?”
It was a busy 2021, and this year is looking to be exactly the same! We have further crafted our roadmap and we will be looking into quite a few concepts. To name a few we will be looking at DeFi 2.0, web3 and even the DAO. This last one, I’m sure is knowledge already to most if not all users and we will dig deeper to look into the ideas of what a stablecoin can offer and how we can further the use of TUSD in itself.
There’s a lot to look forward to, but we need to keep a few tricks up our sleeves so I invite you to keep up by following our social media on Telegram, Twitter and Medium!
“From one of our users, when will you be offering a bridging service?”
As you can guess we are always looking to listen to our users and provide them with the best solutions, this is the reason why we have already developed several bridges and continue to do so everyday.
For more fluent engagement into the DeFi projects that support TUSD, we are currently collaborating with cross-chain bridges such as AnySwap, that supports the bridge of TUSD from Ethereum to Fantom network, and BSC to Fantom network. Polygon and Arbitrum’s official bridge also supports TUSD from Ethereum to the corresponding networks. As always, any new bridges are announced on all our social media as soon as they are supported!
About Snowball
Snowball is a Venture DAO and an auto-compounder for liquidity rewards. It was the first auto-compounder launched on Avalanche and it prides itself on being entirely community run. If you’d like to be a part of Snowball, join the conversation in Discord or Telegram. Stay up to date on our Twitter.
