TrueUSD is a dollar-backed cryptocurrency that offers stability in the crypto market. It is based on the dollar at a ratio of 1:1 with the value of the same held in dollars by traditional financial institutions. The coin is based on the Ethereum ecosystem as an ERC-20. It uses the same security features as the parent ecosystem, but its transfer charges are way cheaper. A group of Stanford cryptography executives founded this project in 2018. Several financing institutions back it.
A Bit About TrueUSD
TrueUSD can be described as a dollar-based stablecoin. It offers true dollar value in the form of cryptocurrency and opens up new trading opportunities for users around the globe. It can be used across the DeFi markets for the buying and selling of goods and services on the internet or as a store of value. This project stands for stability and ease of transactions, as it has straightforward ways to get everything done.
A company called TrustToken established the coin. Danny, Rafael Cosman, and Stephen Kade founded this company. The three have backgrounds in cryptography and financial studies. For example, Rafael Cosman has studied artificial intelligence and cryptography and has worked with organizations such as Google and Palantir. At the start, Stanford StartX, Founder Fund Angel, and Blocktower Capital backed the project. Over the years, it has gained support from traditional financial institutions and related entities to ensure the stability of the coin.
Exciting US dollar stablecoin to rival the rest of the pack!CryptoLists.com
TrustUSD is a dollar-backed stablecoin. It is an ERC20 token backed by US currency at a ratio of 1:1. It has gained fame as the first regulated USD-backed stablecoin to grace the market. It was initially launched in the Tron ecosystem. However, the founders saw the need to have the coin in an ecosystem that would have access to many DeFi solutions. This is how they brought it to Ethereum.
Since it is a dollar-backed stablecoin, there is an equivalent value of dollars held by the traditional financial system. This protects the coin against sudden changes in price in the market. Second, since the dollar is fairly stable, the coin does not fluctuate from time to time. Therefore, the holders of the coin do not suffer losses from price changes.
Besides, since TrueUSD is a fungible token, it is exchangeable with other tokens in the same network. Developers can create smart-contract-enabled tokens using the coin for use in creating additional products in the ecosystem. The token can also be used as a representation of rights, ownership, assets, and cryptocurrency, and ownership of the same can be transferred by transferring this coin.
Utility of TrueUSD?
TrueUSD is a stablecoin that can be used in the market for the buying and selling of goods and services. It holds a stable value and can be transferred from one person to another within the Ethereum ecosystem. Second, it is a good store of value. Unlike altcoins, holders are assured that the value of their money stays the same over a long period. Third, the coin and network can be used for developing DeFi products. These solutions can help in raising capital and managing assets owned by other entities on the network.
The holders of the coin enjoy various benefits. First, the value of their cash is kept stable. Second, Ethereum features from loss or theft of their coins protect them. Third, the cost of transferring the coins is way cheaper than doing so with Ethereum and many other coins that work in this ecosystem.
TrueUSD Price details
ETH Contract address: 0x0000000000085d4780B73119b644AE5ecd22b376
›› Details & Tokenomics
Advantages of TrueUSD
+ The stablecoin is backed by an equal value in hard cash+ This coin is based on a secure Ethereum network and others too
+ TrueUSD has gained popularity for its transparency and meeting regulatory requirements
+ It is a good way to store value because it has remained relatively stable
+ TrueUSD does not charge for mining and related activities
Disadvantages
- TUSD is not a good investment, as the value does not climb fast- The coin has not caught on like most altcoins like Bitcoin and Ethereum
- Many people feel that it is not a true cryptocurrency as it is backed by traditional banks
- TrueUSD is still subject to fluctuations in the fiat money market
- There are no big incentives for the participants in the transfer system
Costs
▪ Rated at 9.5/10The cost of transferring TrueUSD coins is quite low, at about 0.01% of the amount transferred. This cost is way cheaper by transferring the same using Ethereum. Just like other networks, the price may fluctuate a little due to the congestion in the system. However, since the coin does not have many participants, just a few costs go towards paying the nodes in the blockchain network.
Reputation and Buzz
▪ Reputation rated at 9/10▪ Buzz rated at 8.5/10
TrueUSD has gained positive publicity since the day it was released on the market. This is because it combines the features of the traditional finale with cryptocurrency. Second, it has an equivalent amount of money held by financial institutions. This gives holders of the coin confidence that they will not be losing their money or a substantial value of the same.
Another thing to note is that the founders are reputable individuals with a background in cryptography, finance, and security. The project was also backed by heavyweights in the financing market, which added to its credibility.
FAQ
What is an ERC-20 coin?
An ERC-20 coin is a fungible token based on the Ethereum network. By being fungible, it can be exchanged with any other coin in the ecosystem. Developers can use these coins and cryptocurrencies to create smart, contract-backed Defi products.
How long has TrueUSD been on the market?
TrueUSD has been on the market since 2018. It was initially based on the Tron network but later moved to the Ethereum network. The value of the coins is held in dollars.
History of TrueUSD
April 2017 - A team from Stanford forms TrueUSD. The organization behind the project is called TrustToken. It promises to enhance stability with its native token.
March 2018 - The coin is launched initially.
June 2018 - There is a reduction in the minimum amount for TrustUsd. It was initially held at 10,000 USD and has now been reduced to 1,000 USD to ensure the stability of the coin.
May 2019 - TrustUSD is listed on several crypto exchanges. They include BlueBit, Binance, BitGet, and BingX, among others. This is meant to enable users to buy and use the coin with ease.
September 2020 - Stephen Kade, one of the co-founders of the project, quits as the product lead at TrustToken. The move is meant to help inject new blood into the organization and spur growth in DeFi products.
Screenshots from TrueUSD
More sites where to buy/sell/trade TrueUSD
Below you can see some other platforms, exchanges and/or brokers where you can buy, sell or trade this token. Click on the logo to read our review.
Remember to never risk money that you can not afford to loose. Crypto currencies is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.
TrueUSD details and tokenomics
BNB Contract address: 0x40af3827F39D0EAcBF4A168f8D4ee67c121D11c9
TRX Contract address: TUpMhErZL2fhh4sVNULAbNKLokS4GjC1F4
