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What is TrueUSD

What is TrueUSD

History

TrueUSD (TUSD) is a stablecoin that was launched in January 2018 by TrustToken, a company based in San Francisco. The primary goal of TrueUSD was to create a stable and transparent digital asset fully backed by the US dollar, addressing the volatility issues that plagued other cryptocurrencies. TrueUSD was one of the first stablecoins to be fully collateralized, meaning that every TUSD token is backed 1:1 by US dollars held in escrow accounts. This design aimed to provide users with confidence in the token's stability and security, distinguishing it from other early stablecoins that lacked such transparency.

Over time, TrueUSD gained attention for its regulatory compliance and transparency, with regular audits provided by third-party accounting firms to verify the reserves backing the token. Despite the emergence of numerous other stablecoins, TrueUSD has remained a significant player in the stablecoin market due to its early entry and adherence to its transparency promise.

Creators and Developers

TrueUSD was created by TrustToken, a blockchain company co-founded by Rafael Cosman, Stephen Kade, and Tory Reiss. TrustToken was established with the mission of tokenizing real-world assets, and TrueUSD was the first product launched by the company. Rafael Cosman, who served as the CEO, was particularly instrumental in shaping the project. The team brought together expertise in finance, law, and blockchain technology, ensuring that TrueUSD was not only technically sound but also compliant with regulatory standards. TrustToken has since expanded its offerings but TrueUSD remains one of its flagship products.

Technology

TrueUSD operates primarily on the Ethereum blockchain as an ERC-20 token. This means it leverages Ethereum's smart contract functionality to ensure the issuance and redemption processes are transparent and secure. The token's smart contract is designed to interact with multiple escrow accounts, where the actual US dollars backing TUSD are held. These accounts are managed by various trusted third-party fiduciary partners, providing an additional layer of security and trust.

TrueUSD's technology stack includes regular attestations of the USD reserves, provided by third-party accounting firms like Cohen & Company. These attestations are published regularly to ensure that the supply of TUSD tokens matches the amount of USD held in reserve, reinforcing the token's stability and trustworthiness.

Issuance and Supply

TrueUSD uses a collateralized issuance model. When users purchase TUSD, the equivalent amount of US dollars is deposited into a fiduciary partner's escrow account. The smart contract then issues the corresponding amount of TUSD to the user. This process ensures that each TUSD is backed by a US dollar in reserve, maintaining the token's 1:1 peg to the dollar. TrueUSD does not have a fixed total supply; instead, the supply expands or contracts based on market demand and the amount of US dollars deposited or withdrawn from the escrow accounts.

TrueUSD does not require mining or staking, as it is not a traditional cryptocurrency that uses a consensus mechanism like Proof of Work (PoW) or Proof of Stake (PoS). The issuance and redemption of TUSD are solely dependent on the deposits and withdrawals of US dollars in the underlying bank accounts.

Networks and Support

TrueUSD was initially launched on the Ethereum network as an ERC-20 token. However, due to growing demand and the need for interoperability across different blockchains, TrueUSD has expanded its support to other networks. It is now also available on Binance Smart Chain (BSC), Tron, Avalanche, and Polygon, among others. This multi-chain support allows users to transfer TUSD across different blockchain ecosystems, enhancing its utility in decentralized finance (DeFi) applications.

In addition to network support, TrueUSD is integrated with various decentralized exchanges (DEXs), lending platforms, and payment systems, making it widely accessible and usable in the crypto economy. Bridges and cross-chain solutions further facilitate the movement of TUSD between supported blockchains, ensuring liquidity and ease of use for traders and investors.

Supported Networks

Tangem Wallet supports TrueUSD on these networks

  • Ethereum
  • BNB Smart Chain
  • BNB Beacon Chain
  • Tron
  • Avalanche C-Chain
  • Polygon POS
  • Fantom
  • Arbitrum

TrueUSD official links

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How to buy TrueUSD in Tangem Wallet.

The Tangem mobile app lets you buy cryptocurrency directly using a bank card and choose the best exchange rate.

1
Open the Tangem app by scanning the wallet and entering your access code or biometrics.
2
Select the desired cryptocurrency on the homepage and select "Buy."
3
You will be redirected to an on-ramp service offering fiat to crypto exchanges.

TrueUSD FAQ

TrueUSD (TUSD) is a stablecoin pegged 1:1 to the U.S. dollar, designed to maintain price stability. It is fully collateralized, meaning that each TUSD token is backed by an equivalent amount of USD held in third-party, transparent escrow accounts. TrueUSD is part of the TrustToken platform, which aims to bring trust and transparency to digital assets, making it a reliable medium for trading, remittances, and other financial transactions.
  • Owning cryptocurrency can be important for several reasons: it provides a decentralized way to store and transfer value, offers potential for investment growth, enables participation in emerging financial technologies, and can be used for secure and private transactions.
  • A cryptocurrency wallet is a tool or device that allows you to store, manage, and use your cryptocurrency. It keeps your private keys secure and enables you to interact with various blockchain networks, including Bitcoin and Ethereum.
  • When choosing a cryptocurrency wallet, consider factors such as security, ease of use, and cryptocurrencies supported. Also determine whether you prefer a hardware or software wallets. Research reviews and compare features to find the best option for your needs.
  • TrueUSD maintains its peg through full collateralization, where each TUSD is backed by an equivalent U.S. dollar held in reserve. These reserves are regularly audited by third-party firms to ensure transparency and trustworthiness, which helps maintain investor confidence and the stable value of the token.
  • TrueUSD offers several advantages, including regular audits by independent firms, full transparency of reserves, and legal protection for token holders. These features make it a highly trustworthy stablecoin compared to others that may lack such rigorous oversight.
  • TrueUSD can be used for various purposes, such as hedging against market volatility, facilitating cross-border payments, or providing liquidity in decentralized finance (DeFi) platforms. Its stability and trustworthiness make it a preferred choice for traders and institutions looking to minimize risk.

Why choose TrueUSD wallet with Tangem.

Private. No registration and KYC required to use the app. We don't track your data.

Secure. Your private keys are encrypted and never leave your device. Only you have control over your funds.

Innovative Design Options. Choose from a variety of elegant designs, including unique co-branded editions and our innovative ring-form factor wallet, ensuring both style and functionality.

24/7 Online Support. Fast support for your needs. Live chat and email support for customers from all over the globe.

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