Today we are focused on another stable coin — TrueUSD. Let’s see together what is the idea of this project.
- About the project
TrueUSD is a stablecoin pegged to the dollar in 1:1 ratio, so the price always strives to be 1$. TrustToken is a collateral-backed stablecoin platform which means that it can collateralize anything in theory. They already have in their portfolio TrueGBP (backed by Pound sterling), TrueAUD (backed by Australian dollar), TrueCAD (backed by the Canadian dollar) and TrueHKD (backed by the Hong Kong dollar). TrustToken future plans include steps to issue tokens for the Singapore dollar (TSGD), Euro (TEUR) and Yuan (TCNY). As you can assume, TrueUSD is a direct competitor to Tether (USDT) with the key difference that TUSD claims to really have the dollar reserves to back their supply cap (although they have a smaller market cap).
2. Main features of TrustToken:
- ERC-20 utility token
- following the government regulations — has Know-Your-Customer (KYC) and Anti-Money-Laundering (AML) requirements for account holders and trades
- TrustToken is backed by high-pedigree investment funds provided by accredited institutional investors.
- It maintains real-time proof of funds in an escrowed bank account. TrustToken doesn’t have access to the money as a precaution of any price manipulation.
3. What can the TrustToken be used for?
The use of TrustToken is predetermined by its stablecoin nature. Hence, you can use it to store, send and receive digital tokens pegged to USD, CAD, AUD and all other fiat currencies included in their portfolio. The process is peer-to-peer, global and instant. As a result, users are provided with the combined benefits of both blockchain technology and traditional currency for safer and faster money transfers.
Website: https://www.trusttoken.com/trueusd
CoinMarketCap: https://coinmarketcap.com/currencies/trueusd/
