What is True USD (TUSD) ?
Future of TUSD Cryptocurrency and know how to buy TUSD

What is TrueUSD (TUSD)

#1 - What is True USD?

TUSD: The basics

  • TrueUSD provides its token holders regular attestations of escrowed balances, full collateral, and also the legal protection against misappropriating underlying USD.
  • The team believes that TrueUSD will be able to come up with the stable trading instrument for the traders of cryptocurrency that has been long-awaited. This will allow the businesses and consumers to use the digital currency as a medium of an exchange.
  • The goal of the TrueUSD team was to build a coin that is stable and which can be used and trusted by them too. TrustToken is a platform that creates the tokens backed by assets that can easily be purchased and sold all around the world.   
  • The first asset token of TrustToken is TrueUSD, which is a stable coin and can be redeemed 1-for-1 for US dollars.
  • TrustToken have partnered with registered fiduciaries and banks for holding the funds securely backed by TrueUSD tokens.   
  • To increase the amount of security, fiduciaries, and banks directly handle all the funds. Escrowed funds do not give access to the TrueUSD system.  

When the process of AML/KYC is completed and the funds are wired to the third party escrow accounts, an equal amount of TUSD is minted freshly to the users’ Ethereum address. Every TUSD holds a redeemable certificate for $1 from the underlying USD in the escrow accounts.

TrueUSD’s token is TUSD. Some of the key properties it offers are:

  • Legal Protection: The token holders are provided with regular attestations and strong legal protection with the help of escrow accounts. To know further about the same, see the FAQ on their website.
  • Redeemable for USD: An individual or an institute is allowed to redeem TUSD for USD after getting a verified account on TrueCoin that has also passed a standard AML/KYC check. During the present alpha version, as of June 2018, there is a $10,000 minimum redemption requirement. The amount is targetted at institutional users, while the platform is aiming to reduce the minimum amount for retail users in the future.

  • Trustworthy Fund Management: TUSD’s legal framework allows you to exchange USD with escrow accounts directly, rather than sending or receiving USD from any escrow accounts in TUSD’s network of banking and fiduciary partners for purchasing or redeeming TUSD. This also reduces the risk of counterparty which is common in other projects of the collateralized stable coin.
  • Full Collateral: A TUSD is always completely collateralized by USD, that is held in the escrow account the of the professional trust company. The TUSD is minted by the publicly audited smart contracts when an escrow account is cleared by USD and it burns TUSD when the USD is redeemed in order to ensure a 1:1 parity amongst the USD in escrow accounts and TUSD in circulation.
  • Regular Attestations: The holdings of an escrow account is regularly published and is subjected to ongoing professional attestations. The platform undergoes independent third party evaluations regularly by the leading auditors like Cohen & Co. for ensuring best possible security practices.

How will TUSD maintain stability 

The deviation of price amongst TUSD and USD gives an opportunity for the arbitrageurs. As the traders can anytime trade TUSD for equal USD on TrueUSD.com, there will be an advantage to sell or purchase mispriced TUSD on various exchanges and convert it on TrueUSD.com    

TUSD Development  

The TUSD company was founded by Rafael Cosman, Danny An, and Stephen Kade in September 2017 and is based in the San Francisco Bay area.

  • Summer and Fall 2017:
    • Completion of the SmartTrust and started the development of TrustProtocol for insurance and auditing.
  • December 2017:
    • The partnerships with exchanges and banks were established.
    • Also, the development of TrustProtocol was continued.
    • A pre-sale fundraising round was done for the TrustToken platform on which the TUSD was built.    
  • January 2018: 
    • The team supported the wire transfer redemptions and purchases.
    • Deploy TUSD smart contract and begin with the capitalization of TUSD accounts.
    • Launch alpha version of TUSD for organizations and traders.
  • February 2018:
    • Listing of TUSD on various exchanges.
  • 2018 and beyond:
    • The launch of the 1.0 versions and beta of TUSD for general access.
    • Developing more products of stablecoin like TrueGold, TrueEuro, and many tokenized commodities for providing more trustworthy options for cryptocurrencies which are backed up by the real-world assets.

#2 - What are the benefits of TUSD

TUSD Technology 

TrueUSD works with various trust companies which already manage around billions of dollars. Just pass an AML/KYC check, send USD to a trust company with an agreement of escrow. When the funds get verified, their API tells the smart contract of TUSD to issue an equal TUSD to you public Ethereum address.

The purchase process of TUSD

Image source: TrustToken[DOT]com

For the redemption of USD, you will have to pass an AML/KYC check and send your TUSD token to the smart contract from a registered Ethereum address. Then, you will receive the funds from the escrow bank. In this process, the TrueUSD system does not get to touch the funds and all the receipt and purchase of your money will be one by the trust companies through escrow accounts.

The redemption process of TUSD

Image source: TrustToken[DOT]com

Who is TUSD for? 

  1. Financial Services: Enter into a crypto market for immediate exposure to ETH or BTC.
  2. Exchanges: TUSD offers a stable coin which can be trusted to its users. The TUSD can also be used as an alternative for traditional currency purchase methods.
  3. Crypto Traders: It gives hedge against volatility in the entire crypto market. Without the immediate exposure in ETH and BTC, move the money into the crypto.
  4. Commerce: Salaries, loans, escrow, and purchases are enabled through the stability of price and by enabling the mainstream adoption of cryptocurrencies.

 

#3 - How to buy and store TUSD 

How to buy TUSD

The TUSD coin is listed for trading on various trading exchanges globally and is paired with a few major cryptocurrencies like BTC, ETH, BNB, KRW, and USDT. This allows TUSD users to access or obtain the TUSD token by using their crypto holdings, bypassing the need for more KYC norms.   

The entire list of trading exchanges for the TUSD cryptocurrency includes major global exchanges such as Binance, Bittrex, UPbit, Cryptopia,  and more.  

  1. While cryptocurrency exchanges provide you a platform to buy or sell the TUSD cryptocurrency, CoinSwitch comes in to help you make the right decision by providing the prices for TUSD on multiple crypto exchanges. It supports more than 140 coins and 45,000 pairs of cryptocurrencies. You can choose whichever pair you want with your token and compare the prices at exchanges. This way you can choose the best deal for you! 
  2. What’s more - with CoinSwitch, the largest cryptocurrency conversion platform, you do not rely on a separate wallet from the exchange to store your TUSD cryptocurrency. Instead, all transactions happen to and from your own personal private wallets.

 

#4 - What is the future of TUSD?

TUSD Global Acceptance  

The marketcap ranking of the TUSD cryptocurrency is beyond 100 as of June 2018, and it holds a market capitalization of $72.6 million as of the same time. A total number of 72,892,045 TUSD coins are in circulation.     

Price History 

Date

Open

High

Low

Close

Volume

Market Cap

1 June, 2018

1.00

1.01

0.997248

1.00

12,170,900

41,456,700

1 May, 2018

0.999409

1.01

0.991028

0.997720

1,1,040,720

11,991,40

1 April, 2018

1.00

1.02

0/.992281

1.01

2,178,630

9,479,100

Source: CoinMarketCap[DOT]com

Also Read: Complete Analysis of True USD | Live True USD (TUSD) Price Charts And Predictions

Future Prospects

  • Cryptocurrencies do have a lot of potentials to excel, but their volatile nature is one of their biggest criticisms. As TUSD is a stable coin, it offers crypto traders a refugee in times of high volatility and is likely to assist it to rise in the market of digital currencies.
  • One of the major advantages of TUSD is security, which is why it has not even given access to the funds of its users to its own system, rather then to escrow accounts, which can be a positive note for the users.

 

#5 - How is TUSD different from other cryptocurrencies?

  • The one major things thing that makes TUSD different from few major digital currencies is that it is a stable coin.
  • It does not interfere in the funds of the user, keeping them safe in the third party account, escrow.  
  • It has implemented too many steps in order to ensure security on the platform.
  • Unlike its closest, and bigger competitors - Tether, which is riddled with controversies regarding its actual USD reserve backing, TUSD is subject to regular scrutiny and stands up to its claims.

 

#6 - Should you invest in TUSD?

The Good:

  • The USD funds are regularly verified in scheduled attestations by a very much trusted auditing firm.
  • USD funds are kept safely in a third party account, that is escrow accounts, wherein TrustToken does not hold any direct access to the funds and cannot abscond with them even if they wish to.
  • The token burning and minting system makes sure that every TUSD token is backed by 1 USD.
  • A mandatory check of AML/KYC makes sure that TUSD keeps shady people away from the entire project.
  • TUSD makes faster transactions in low transaction fees.

The Bad:

Even though TUSD is a unique offering, it is most likely overshadowed by its bigger competitors - Tether. While TUSD arguably offers more security and features, it may be losing the marketing battle.  

This is not to say that the situation will remain the same. With more crypto investors joining the market every day, the good times for TUSD may be on their way. 

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