TrueUSD (TUSD) current price is $1.004 with a marketcap of $203.44 M. Its price is -0.09% down in last 24 hours.
- TrueUSD (TUSD)
- Live Price $1.004
24h % -0.09%
- Market Cap$203.44 M
- Volume$90.65 M
- Available Supply202.71 M TUSD
More Info About Coin
The rise of crypto currencies has made life easier for many people. Not Only does it make transactions easier, it also makes buying and selling easier which increases the ease of which some businesses can be operated. The availability of several digital currencies to choose from has also been an advantage since it allows people to pick a currency they feel is most suitable for them.
TrueUSD is one of the cryptocurrencies that is currently still new in the market but is genuine. The currency is transparent and has been verified by the relevant bodies. It can be used to buy various products.
History and users
Although there are many crypto currencies in the market, most of them seem to have transparency and fairness issues. The TUSD currency was created to counter such issues by offering fairness and transparency. It was built on TrustTokens which a platform that makes it easier for users to conduct token transactions across the globe with the tokens being of a similar nature. For instance, users can exchange gold tokens for similar once or dollar token for dollar tokens.
This token can be used by different people ranging from “crypto traders” to financial institutions. For the crypto traders, this digital currency will allow them to get into the digital market without being exposed to BTC. Others can use the coin for daily business interactions.
How it works
This currency system is designed in a way that allows the trust companies to buy and sell on behalf of the user. You'll need an escrow account to make transaction easier.
The first step is buying the coins before you can redeem them for use. To do this, you have to take a test that you have to pass before proceeding. This is because TrustToken collaborates with other companies that control the escrow accounts where the digital currency is kept.
This partnership prevents the currency providers from accessing the coins thereby allowing the users to interact directly with these partners. This is meant to increase transparency and trust.
Once you pass the KYC/AML test, you can send USD to one of the trust companies before agreeing to an agreement. The funds will be verified then you'll be given TUSD matching the amount.
To redeem the currency, you'll have to pass the same test, then send the agreement you signed. The trust company will then send you the funds in form of USD.
Every time you transfer the coins to the escrow account, a similar amount of coins is sent to your ethereum account. This ensure a 1:1 partly between the coins and the USD kept in the escrow accounts.
Purpose of TUSD
TrueUSD is supposed to improve people's trust in digital currencies by eliminating some of the shortfalls other cryptocurrencies have. Some of its features include:
Stability that arises from the fact that it is backed by the US dollar.
Good legal framework ensuring proper management of funds. This in turn “reduces counterpart risks”.
Security that comes from the test one has to pass together with the agreement.
Attestations coming from the banks that are used to control the currency enhancing insecurity. The attestations are done by reputable auditing companies like Cohen & Co. Which shows they are done well.
Regular evaluations by third parties that enhances security.
Like every other product that gets into the market, this crypto currency has some future plans that are meant to make it better. Since they started with TrueUSD currency, they intend to expand it to TrueEuro and TrueYen in future. Future plans could also include incorporation of good such as gems like gold and even real estate. This is projected to allow users to create their own “baskets” and decide the ones giving the best results.
The team that created this currency have worked at some of the biggest brands when it comes to business. They came from Google, PwC, UC Berkeley and Stanford. They also got some of the biggest names like Stanford StartX, founders fund angel and block tower capital to back them. They set up the legal framework for “collateralized crypto-currencies” by teaming up with WilmerHale and White & Case. They then went ahead to get compliance partners as well as banking partners.
The transaction of this currency used “basis points”. You can purchase using $75 or 10 basis points which translates to 0.1%. The 10 basis points are mostly used between ethereum wallets. TrueUSD doesn't have a limit currently and some exchanges have already accepted it. These include bittrex, cryptopia, upbit and binance that have all started listing the digital currency.
Pros & Cons
|Stability||Lot of "stablecoins" poping up lately|
|USD funds are verified by a trusted auditing firm||It's still very new to the market|
|Token minting and burning system makes sure that every single TUSD token is backed up by 1 USD|
BCrypto Investment Tip
TrueUSD is still very new to the crypto market but it is already looking much more promising than Tether. Is it better than Tether? I don't know, it's hard to say just yet because it's not even one year old. The time will tell I guess but for now they do seem like a coin you can trust. At the end there should only be one single cryptocurrency used worldwide. Anything more than that will just cause chaos.