TrueUSD, the World’s Only Fully Collateralized Stable Cryptocurrency, Now Directly Tradeable with Tether
Since TrueUSD (TUSD) launched on Bittrex earlier this month, we have seen healthy demand in the market with an average daily TUSD trading volume of nearly $1 million. TrueUSD debuted with a Bitcoin (BTC) trading pair, followed by an Ethereum (ETH) trading pair. Today, we are pleased to announce that TUSD is directly tradeable with Tether on Bittrex. This pairing facilitates faster and cheaper transactions out of Tether and into TrueUSD, the world’s only legally-backed stable cryptocurrency.
We continue to be thankful to the entire team at Bittrex for partnering with TrustToken to give traders a variety of credible cryptocurrencies. The pairing of Tether to TrueUSD makes it both affordable and fast for traders to move funds into TUSD, the world’s only stable cryptocurrency that is fully collateralized and redeemable for US Dollars. Now, instead of moving funds from USDT (Tether) to BTC (Bitcoin) or ETH (Ethereum) and then TUSD (TrueUSD), USDT can be quickly and efficiently converted directly to TUSD.
The increased convenience does not expose traders to potential risk from Tether. Our legal framework enables token holders to exchange USD directly with an escrow account — TrustToken never touches the funds. Instead, traders get access to one of the escrow accounts in our network of fiduciary and banking partners to purchase or redeem TrueUSD. This reduces the counterparty risk that is common in other collateralized stablecoin projects.
Additionally, TrueUSD is always fully collateralized by US Dollars, held in a professional fiduciary partner’s escrow account. TrustToken’s smart contracts mint TrueUSD when USD clears the escrow accounts and burns TrueUSD when USD is redeemed to ensure a 1:1 parity between the TrueUSD in circulation and the USD held as collateral.
→ Trade the USDT/TUSD currency pair on Bittrex.
→ Learn more about TrueUSD: Read our regular independent attestation reports of the TrueUSD bank account, how to purchase and redeem TrueUSD for US dollars, and the first blog post that introduced TrueUSD.
What is TUSD?
TrueUSD is a stablecoin that you can redeem 1-for-1 for US dollars.
If you hold TrueUSD tokens, pass a KYC/AML check, and comply with our terms of use, you can redeem those tokens for the money in the TrueUSD escrow accounts. Anyone with a Bittrex account can trade TrueUSD.
TrueUSD is made possible by tokenizing US Dollars through TrustToken’s legal and technical platform. TrustToken is a platform to create asset-backed tokens that you can easily buy and sell around the world. For example, gold to gold tokens or dollars to dollar tokens.
Guidance for Traders
See How to purchase and redeem TrueUSD: a guide for traders. Anyone with a Bittrex account can use the exchange to trade TrueUSD for Tether.
Right now, there are only USDT/TUSD, ETH/TUSD and BTC/TUSD trading pairs. We’re working to develop more trading pairs.
See more
See more technical and legal details on the TrueUSD FAQ.
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Team
TrustToken was founded by a team from Stanford, UC Berkeley, Palantir, and Google, and is backed by BlockTower Capital, Stanford-StartX, Founders Fund Angel, FJ Labs, and Stanford-StartX. The company has developed a legal framework for collateralized cryptocurrencies in collaboration with Cooley, WilmerHale, and White & Case, and has a growing network of fiduciary, compliance, and banking partners. Learn more about TrustToken and its TrueUSD product at www.trusttoken.com.
TrueUSD is the first major tokenization project built on the TrustToken platform. If you’re excited about TrueUSD and believe that you or someone you know could make outsized contributions to the key areas of responsibility in our growing company, reach out about joining our team.
Contact
General: hello@trusttoken.com
Media: media@trusttoken.com
Legal inquiries: legal@trusttoken.com
Advisors, exchanges, traders: partner@trusttoken.com
