TrueUSD (TUSD) is a USD-pegged stablecoin that leverages smart contracts for minting and redemption. It offers real-time on-chain verification of reserve coverage, supported by Moore Hong Kong and Chainlink Proof of Reserve. TUSD aims to be a stable, transparent, and secure digital asset, which makes it a suitable choice for various financial transactions.
TrueUSD operates on multiple blockchain networks such as Ethereum, Binance Smart Chain (BSC), Avalanche, and TRON. The stablecoin ensures trust and stability through a proof-of-reserves system, verified by third-party accounting firms. This system maintains that the reserve assets match the circulating tokens. TUSD employs smart contracts for controlling the minting and redemption processes, ensuring a one-to-one parity with U.S. dollars held in reserve.
TrueUSD can be utilised in a variety of sectors due to its stability as a USD-pegged stablecoin. Some potential use cases include:
TrueUSD was launched in January 2018 by TrustToken, founded by Rafael Cosman, Stephen Kade, and Tory Reiss. It was one of the earliest fully collateralised stablecoins, aiming to address cryptocurrency volatility by being backed 1:1 with US dollars in escrow accounts.
Significant milestones include integration into over 100 trading platforms and Chainlink's Proof of Reserve implementation for enhanced transparency. In 2023, TUSD's market share grew significantly, reflecting its increasing adoption. Additionally, in 2022, TUSD gained statutory status as an authorised digital currency in the Commonwealth of Dominica.