Who are the Correspondent Banks and Trustee Partners for TrueUSD?
TrueUSD is a price-stable cryptocurrency backed by 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. TrueUSD is created by tokenizing US Dollars on the TrustToken Platform.
We’ve partnered with professional trust companies to manage the escrow accounts that hold the TrueUSD collateral. These trust companies include Alliance Trust Company of Nevada and Prime Trust. Their correspondent banking relationships include US bank, Alliance Bank, Mercantile Bank, and others. We’re in discussions with other trust companies and banking partners.
The TrueUSD system is designed so that we (the technology provider) never touch the funds– users transact money directly with the partner fiduciaries and banks. Trust companies and banks are both in the business of handling other people’s money in an accountable way on their behalf. Trust companies act as the legal representative for the beneficial token holders; banks provide the depository powers and cash handling.
We’ve selected technologically progressive fiduciaries and correspondent banks so that most of the TrueUSD system is automated. If you’re a trust company or bank with a sophisticated technology backend and an interest in contributing to the cryptocurrency industry, we’d welcome a conversation with you.
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, 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
- Media: media@trusttoken.com
- Legal inquiries: legal@trusttoken.com
- Advisors, exchanges, traders: partner@trusttoken.com
