Buy True USD (TUSD)

What is TrueUSD?

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.

How does TrueUSD work?

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.

What are the potential use cases for TrueUSD?

TrueUSD can be utilised in a variety of sectors due to its stability as a USD-pegged stablecoin. Some potential use cases include:

• Cryptocurrency trading and exchanges: Traders can use TUSD to hedge against market volatility.
• Financial services and banking: TUSD can simplify global payrolls and serve as a medium for loans.
• E-commerce: For secure online transactions without price volatility.
• Developing economies: Provides a stable entry to global markets with reduced transaction fees.
• Travel and tourism: Used in platforms like Travala.com for booking services.
• Web3 applications: Integrated into platforms like HYVE as a payment method.

What is the history of TrueUSD?

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.