TrueCoin, LLC Receives MSB Registration; TrueUSD Reaches $12 Million Market Cap in 2 Months
TUSD reaches $12 million market cap
After just two months on the market, the TrueUSD (TUSD) stablecoin has grown to over $12 million in market capitalization, as reported here in VentureBeat. Thank you to everyone on the TrustToken team, as well as the TrueUSD community, for helping TUSD reach this milestone. For some industry context, it took Tether two years to reach a 12 million market cap.*
The TrueUSD stablecoin is redeemable 1-for-1 for US Dollars through a network of third-party fiduciaries and is currently available for trading on Bittrex and Upbit.
TrueUSD administrative entity registered as MSB
TrueCoin, LLC, the entity created by TrustToken to administer TrueUSD, has registered as a Money Service Business (“MSB”) with the Financial Crimes Enforcement Network (“FinCEN”). TrueCoin, LLC is the administrator of TrueUSD and therefore is a MSB under FinCEN’s interpretation of the regulations. As a registered MSB, we will be in an even stronger position to prevent and detect fraud and money laundering by protecting TrueUSD holders with a robust Anti-Money Laundering (AML) compliance program.
To assist FinCEN with their task of preventing and detecting money laundering, terrorist financing, and other financial crimes, our team has given the TrueUSD smart contract the ability to blacklist wallet addresses, which prevents TrueUSD from being sent or received by specific accounts. Our terms of use state this functionality will only be used if the company receives a legitimate request from law enforcement or a court of competent jurisdiction. In other words, we are legally prevented from arbitrarily freezing addresses. These steps have been taken with the best interests of the TrueUSD community in mind.
About TrueUSD
TrueUSD is a stablecoin that you can redeem 1-for-1 for US dollars.
If you’re excited about TrueUSD and believe that you or someone you know could make outsized contributions to the key areas of responsibility at TrustToken, please reach out about joining our team.
See More
- Read more about TrueUSD, the first major application built on the TrustToken platform, in the TrueUSD intro blog post.
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Contact
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Advisors, exchanges, traders: partner@trusttoken.com
