TrueUSD PRICE USD CHART

TrueUSD (TUSD) is a stablecoin backed by the US dollar. It is a completely collateralized, legally protected stablecoin that is publicly validated by third-party attestations. It employs numerous escrow accounts to mitigate counterparty risk and to protect its holders against misuse. Moreover, it is the first asset token on the TrustToken platform. 

TrustToken creates asset-backed tokens that can be bought and sold all over the world. And TUSD is one of them, serving the following user types:

• Crypto Exchanges and traders: TUSD is a reliable gateway to the crypto market. It also acts as a hedge during extreme market conditions.

• TradFi institutions: TradFi institutions can use TUSD to enter the crypto market.

• Developing nations: Some developing economies are becoming more reliant on cryptocurrencies.

• Retailers and eCommerce platforms: TUSD can be used for smooth eCommerce transactions.

TrueUSD (TUSD) relies on third-party escrow accounts to operate efficiently. Anyone can purchase or redeem the token by meeting the KYC and AML standards.

The platform employs publicly audited smart contracts to restrain itself from issuing additional tokens. However, TUSDs are mined instantly when an escrow account gets USD. Similarly, when a user redeems USD, the same quantity of TUSD is burnt immediately. TrustToken provides a 1:1 ratio between funds in escrow and TUSD in circulation in this manner.

When users pass KYC/AML, they can transmit USD to one of TrueUSD’s trusted partners (along with the Ethereum wallet address). Once the funds have been validated by the escrow business, the API communicates with TrueUSD’s smart contract, generating tokens in a 1:1 ratio and distributing them to the supplied wallet.

If you wish to swap TUSD back to US dollars, the reverse process applies. You return TUSD tokens to the smart contract address, which alerts the trust corporation and initiates a fiat transfer back to your account. This approach makes regulating the token supply simple and more effective compared to available alternatives.

TrueUSD (TUSD) was launched in mid-2018 as a solution to Tether’s reserve issues. It was launched via the Trust Token platform. The project’s strength has been its team, which includes members from Stanford, UC Berkeley, Palantir, and Google. Moreover, it’s backed by Founders Fund Angel, Stanford-StartX, and Blocktower Capital. 

TrueUSD is one of the few platforms to develop a legal framework for collateralized cryptocurrencies in collaboration with WilmerHale and White & Case. It is known for its network with fiduciary, compliance, and banking partners.

In 2019, TrueUSD became the first stablecoin to offer real-time audits.

TrueUSD (TUSD) is an Ethereum-based ERC-20 token. As a result, Ethereum’s proof-of-work (PoW) consensus mechanism secures it. Moreover, the platform’s smart contracts have been audited by different security firms with no issues reported by any of them. TUSD holders are legally protected against misappropriation of funds under US law. The funds are also FDIC insured, ensuring safety for holders.

Additionally, Cohen & Company, the leading auditing firm, regularly audits the TrustToken platform with attestations made publicly available. Beyond that, TrustToken is fully licensed to operate in the United States. Even the TUSD token is highly regulated by US authorities, thus ensuring regulatory safety.

However, most hackers and online frauds target individuals rather than protocols and platforms. Online crypto wallets or hot wallets are particularly vulnerable to compromising private keys.

Using cold (hardware) wallets is necessary for optimal security. They store private keys offline, putting them at a safe distance from hackers. Ledger’s hardware wallets are industry-leading wallets that fully secure TUSD for its users. 

TrueUSD (TUSD) is available on several centralized (CEXs) and decentralized (DEXs) exchanges globally. The problem with CEXs, however, is that they don’t provide complete ownership to users, retaining control over their private keys. Moreover, CEXs usually implement strict KYC regimes that can jeopardize users’ privacy.

Ledger Wallet enables you to simultaneously purchase and transfer TUSD to your Ledger hardware wallet. You can even use your PayPal account or debit/credit cards to purchase TUSD on Ledger. The process is very simple and involves the following steps:

1. Get a Ledger hardware wallet.
2. Set up Ledger Wallet on desktop or mobile.
3. Connect Ledger Wallet with your hardware wallet
4. Install the Ethereum (ERC-20) application 
5. Start buying TUSD with Ledger Wallet and its partners: Coinify and Wyre.