What is True USD ?
True USD (tusd) is a USD-secured digital cryptocurrency. It means that it is actively backed by the US dollars/ It is often referred to as a Stable coin. The tokens issued by TUSD use different accounts as collateral to reduce any kind of correlated risks. In addition, it legally protects all token holders against any type of exploitation.
The True USD cryptocurrency is created by an asset-backed platform known as TrustToken. It is an ERC-20 token that is transparent in its collateralization. True USD was first developed in 2018. The primary aim of this crypto was to provide its holders a stable and straightforward currency that they can rely upon.
Primary features of True USD
- It provides better legal protection by publishing attestations regularly.
- The minimum amount required to redeem USD in place of the token is $10,000.
- Allows users to exchange USD with collateral accounts directly.
- Provides an individual better protection after a simple KYC/AML process.
- It is backed directly by US dollars.
- Escrow accounts are processed with attestations regularly, which are transparent and published openly for the public.
Is True USD a promising cryptocurrency?
TUSD cryptocurrency is considered a stable crypto that is non-volatile and very promising. It maintains a transparent flow of collateralization and is subjected to follow a positive trend as the market increases. Therefore, it is considered a good investment and presents a positive outlook. Furthermore, since US dollars directly back the cryptocurrency, it is considered to create a better profit return in the future.
How to use True USD ?
The True USD coin has several escrow accounts in different banks and asset management firms. You can use them in the following ways:
- Exchange & Trading: True USD can be used for trading as it is highly stable. Since its value is stable, they allow easy exchange of funds.
- Investment: Investing in TUSD tokens can be profitable and can be used in financial contracts.
- International Transfer: Enhances the transfer of digital currencies all across the globe with a stable and non-volatile value.
- Online payment: It can be used as a payment option on e-commerce websites for easy transactions.
Pros & Cons of True USD
Better Legal Protection:
Provides better legal protection because it uses different escrow accounts as collateral.
It removes the risk of price alteration and provides a strong ground for traders.
Stable and Backed:
The True USD is very stable and directly backed by USD.
High Limit Withdrawal:
The minimum amount required to withdraw tokens is $10,000, which is too much.
Moderate to High Competition:
Many similar cryptos are available in the market, which increases its competition.
Trade True USD on CoinSwitch kuber
- You can start investing in the TUSD from a small amount of Rs.100 only.
- It allows you to exchange currencies easily.
- No processing fees are involved in the currency exchange.
- No need to wait for a maturity period.
- Allows easy international trading with the best price.
True USD ICO summary
The ICO for True USD (tusd) is yet to be announced. It was founded in 2018, and since then, it has raised $400 million simply by backing its tokens. The True USD coin price remains stable at $1.0. And it is currently ranked 77th in the crypto market.
FAQ's on True USD
- Who is the founder of TUSD?
Rafael Cosman is the founder and CEO of True USD (tusd).
- What is the market cap of TUSD?
The market cap of TUSD is $ 1,442,203,470.
- What is the maximum supply of TUSD?
The maximum supply of TUSD coins in the current market is 1,439,077,017 TUSD.
Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.