True USD

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Discover True USD's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is True USD?

TrueUSD (TUSD) is a stablecoin pegged 1:1 to the US dollar, issued by TrustToken on the Ethereum blockchain. It is backed by a reserve of US dollars held in escrow, ensuring its value remains stable. TUSD can be used for transactions, as a store of value, and traded on various exchanges. Its decentralized nature and regular audits provide transparency and security.

How is True USD used?

TrueUSD (TUSD) is a stablecoin pegged to the value of the US dollar, ensuring a 1:1 ratio between the circulating TUSD and the fiat USD held in reserves. Here's how it is used:

Minting TUSD
  1. Create an Account: Users create an account on the TrueUSD platform and complete the required Know Your Customer (KYC) verification.
  2. Initiate a Wire Transfer: Users initiate a wire transfer of USD to the TrueUSD bank account, which is held in escrow by a trusted third-party service.
  3. Mint TUSD: Once the USD wire transfer is confirmed, an equivalent amount of TUSD is minted and sent to the user's cryptocurrency wallet.
Redeeming TUSD
  1. Access Your Account: Users log into their TrueUSD account.
  2. Send TUSD to Redemption Address: Users transfer their TUSD to a unique redemption wallet address provided by TrueUSD.
  3. Receive USD: After TrueUSD verifies the TUSD tokens, the equivalent amount of USD (minus any applicable fees) is wired to the user's bank account.
Usage and Benefits
  • Stable Value: TUSD maintains a stable value, making it suitable for everyday transactions and preserving value.
  • Multi-Chain Compatibility: TUSD operates on multiple blockchain networks, including Ethereum, BSC, Avalanche, and TRON, enhancing its utility and accessibility.
  • No Fees: TrueUSD does not charge fees for minting or redeeming transactions, generating revenue through interest on held fiat USD.
  • Arbitrage Opportunities: The stablecoin's pegged value creates arbitrage opportunities, contributing to its tight peg maintenance.
  • Partnerships and Adoption: TUSD is integrated with various platforms, such as Binance, IvendPay, and Travala, facilitating its use in retail purchases, travel bookings, and other everyday transactions.

Overall, TrueUSD provides a reliable and transparent stablecoin solution, ensuring a stable value and facilitating seamless transactions across multiple blockchain networks.

How do I store True USD?

To store TrueUSD (TUSD) tokens, you can use a variety of wallets that support ERC-20 tokens. Here are some options:

  1. Wigwam Crypto Wallet: You can buy and hold TUSD with the Wigwam crypto wallet, which allows you to store, trade, stake your tokens, interact with dApps, and discover the exciting Web3 ecosystem.

  2. HolyTransaction Wallet: You can instantly purchase TrueUSD through your own HolyTransaction wallet and send them to any HolyTransaction user for free.

  3. Zengo Wallet: Zengo is a non-custodial wallet that gives you quick and convenient access to crypto. You can trade, buy, and store TrueUSD (TUSD) tokens with Zengo. To set up your TrueUSD wallet, follow these simple steps:

  • Create a Zengo account.
  • Your personal TrueUSD wallet address is generated automatically.
  • View your wallet address by tapping TrueUSD on your home screen and swiping right.
  • Share your wallet address with the sender to receive TrueUSD.
  1. SwapSpace: SwapSpace allows you to exchange TrueUSD and provides multiple exchange options so that you can choose the offer with the best rates and lowest fees.

  2. Other Wallets: TrueUSD can also be stored in other wallets that support ERC-20 tokens, such as MyEtherWallet, MetaMask, Ledger, Trezor, Exodus, Trust Wallet, Atomic Wallet, and imToken.

Remember to choose a safe and reliable wallet to ensure the security of your TUSD tokens.

How to buy True USD?

To buy TrueUSD (TUSD) tokens, follow these steps:

  1. Create an Account:

    • Open a free account on Binance, a centralized exchange that supports multiple cryptocurrencies, including TrueUSD.
  2. Verify Your Identity:

    • Complete the verification process by providing the required identification documents to ensure compliance with Know-Your-Customer (KYC) and Anti-Money Laundering (AML) regulations.
  3. Choose a Payment Method:

  • Select how you want to buy TrueUSD. You can use a credit card, debit card, or bank deposit transfer. Binance supports both Visa and MasterCard.
  1. Navigate to the Buy Page:

    • Go to the "Buy Crypto" section on the Binance website or app and select TrueUSD and USD from the dropdown menu.
  2. Confirm the Order:

    • Review the payment details and fees. You have one minute to confirm your order at the current price. After one minute, the order will be recalculated based on the current market price.
  3. Store or Use Your TrueUSD:

  • Once you have purchased TrueUSD, you can store it in your Binance account or transfer it to a personal crypto wallet like Zengo.

Remember to carefully consider your investment experience, financial situation, and risk tolerance before making any investment decisions. Cryptocurrency prices are subject to high market risk and price volatility.

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History of True USD

TrueUSD (TUSD) was founded in April 2018 by TrustToken, a company created by a team from Stanford, Palantir, Google, and UC Berkeley. The formation of TrustToken was backed by Stanford StartX, Blocktower Capital, and Founders Fund Angel. TrueUSD was launched as a response to the issues with the legitimacy and backing of Tether, another popular stablecoin.

TrueUSD was initially restricted to a minimum purchase of $10,000, which was later reduced to $1,000 to ensure stability from the beginning. The stablecoin was initially launched on the Ethereum blockchain and later expanded to the TRON Network to increase its acceptance in decentralized finance.

TrueUSD is a fiat-collateralized stablecoin, meaning its value is pegged to the US dollar and backed by an equal amount of US dollars held in escrow by multiple third-party trust companies. The escrow accounts are regularly audited by an independent third-party accountant, and the reports are publicly published to ensure transparency and trust.

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How True USD works

TrueUSD (TUSD) is a stablecoin pegged to the value of the US dollar. It is designed to maintain a stable price by being backed by an equivalent amount of US dollars held in reserve. Here's how it works:

Minting TUSD

To mint new TUSD, users need to create an account on the TrueUSD platform and submit the required Know Your Customer (KYC) information. Once verified, they initiate a wire transfer of USD to the TrueUSD bank account, which is held in escrow by a trusted third-party service. After the wire transfer is confirmed, an equivalent amount of TUSD is minted on a 1:1 basis and sent to the user's cryptocurrency wallet tied to the platform.

Redeeming TUSD

To redeem TUSD for fiat currency, users log into their account on the TrueUSD platform and choose the option to redeem their TUSD. They are provided with a unique redemption wallet address, to which they transfer their TUSD tokens. TrueUSD verifies the tokens and wires the equivalent amount of USD, minus any applicable fees, to the user's bank account.

Real-time Attestations

TrueUSD has integrated Chainlink's Proof of Reserve (PoR) to enhance transparency and trustworthiness. This allows for real-time, on-chain verification of off-chain USD reserves, ensuring that the minting process is programmatically controlled and uninterrupted.

Cross-Chain Compatibility

TUSD is compatible with multiple blockchain networks, including Ethereum, BNB Chain, Aurora, Optimism, and TRON. This cross-chain compatibility enables users to seamlessly transfer and use TUSD across different platforms, increasing its utility and accessibility.

Fees and Income

TrueUSD does not impose fees for purchasing or redeeming transactions. Instead, the company earns income by accruing interest on the US dollars held in its accounts.

Transparency and Regulation

TrueUSD is a regulated stablecoin with highly transparent reserves. It is fully backed by cash reserves, ensuring that every TUSD token is backed by a single US dollar.

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True USD's strengths

TrueUSD (TUSD) has several strengths that contribute to its reliability and popularity in the stablecoin market:

  1. Regulation and Transparency: TUSD is fully regulated and licensed to operate in the U.S. It undergoes regular monthly audits by accounting firms like Cohen & Company and Armanino LLP, ensuring that it remains fully backed by U.S. dollars on a 1:1 basis. This transparency helps maintain trust in the stablecoin.

  2. Fiat Collateralization: Each TUSD token is backed by an equivalent amount of U.S. dollars held in escrow accounts, which are FDIC-insured and regularly audited. This ensures that the token's value remains stable and pegged to the U.S. dollar.

  3. Smart Contract Technology: TUSD operates using smart contracts on the Ethereum blockchain, which enables the issuance and redemption of tokens in a secure and automated manner. This technology prevents any single entity from tampering with the figures, ensuring the integrity of the system.

  1. Compatibility and Integration: TUSD is an ERC-20 token, making it compatible with various blockchain networks and decentralized applications (DApps). It is also integrated with several DeFi platforms, enhancing its usability and adoption.

  2. Real-time On-Chain Verification: TUSD incorporates Chainlink's Proof of Reserves (PoR) technology, which provides real-time and programmatically controlled on-chain verification of its off-chain USD reserves. This enhances transparency and trust in the stablecoin.

  3. Low Fees: Unlike some other stablecoins, TUSD does not impose fees for purchasing or redeeming transactions. The firm earns its income by accruing interest on the U.S. dollars held in its accounts.

  1. Wide Adoption: TUSD has carved out a significant niche in the stablecoin market, with a large circulating supply and consistent trading volume. It is ranked 5th in the stablecoin sector and has a significant presence on platforms like Binance.

These strengths have contributed to TUSD's reputation as a reliable and trustworthy stablecoin, making it an attractive option for users seeking a stable store of value and a means of exchange.

True USD's risks

TrueUSD (TUSD) carries several risks, primarily related to its lack of transparency and potential counterparty risks. Some of the key risks include:

  • Counterparty Risk: TUSD is issued by Techteryx, a company with limited public information, which raises concerns about the ultimate beneficial ownership and potential risks associated with the issuer. Additionally, the lack of transparency in the management and ownership structure of Techteryx contributes to this risk.

  • Insufficient Backing: There is a risk that the reserves backing TUSD may not be sufficient to cover the outstanding supply, which could lead to a loss of collateral and depegging of the stablecoin.

  • Risk of Loss of Collateral: The reserves portfolio, which includes USD cash, cash equivalents, and short-term investments, is not specifically disclosed. This lack of transparency raises concerns about the quality and liquidity of the collateral, which could lead to losses if the investments perform poorly.

  • Centralization: TUSD is a centralized stablecoin, which means that the issuer, Techteryx, has significant control over the token. This centralization raises concerns about the potential for the issuer to freeze or confiscate user accounts, compromising user privacy and security.

  • Lack of Transparency: TUSD's custodial partners and reserves management are not fully disclosed, which makes it difficult to assess the stability and security of the stablecoin. This lack of transparency can lead to speculation and mistrust among users.

  • Dependence on Pegkeeper: TUSD plays a crucial role in the crvUSD Pegkeeper pool, and any depegging of TUSD could have significant implications for the stability of crvUSD. This interdependence increases the risk associated with TUSD.

These risks highlight the importance of careful evaluation and due diligence before investing in or using TrueUSD (TUSD).

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Did True USD raise funds?

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True USD’s team

  • Danny An: CEO of TrustToken and former data scientist at Kernel where he worked on human brain model development.
  • Rafael Cosman: CTO of TrustToken and former machine learning expert at Google and Kernel as well as founder of StreetCode Academy.
  • Stephen Kade: COO of TrustToken, and former commercialization project manager at Kernel as well as a technical advisor for Bankorus.

Whalee AI

The fundamental analysis assistant for crypto value investors.

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