True USD (TUSD) Cryptocurrency was introduced in 2018 and was designed to be a transparent, simple, and reliable stable coin. Therefore, for this reason, it does not use any special algorithm or a hidden bank account and is crystal clear in all of its policies.
Furthermore, the US dollar holdings of the True USD (TUSD) Cryptocurrency are distributed in different bank accounts that belong to various trust companies. However, the involved parties have signed an agreement to publish the collateralized holdings daily and conduct some monthly audits. Furthermore, this token uses multiple escrow accounts to lower the counterparty’s risk and provides the shareholders with legal protection against theft.
The True USD (TUSD) Cryptocurrency is a US dollar stable coin that is pegged to USD at 1:1. The first time it was launched to a limited investor base was in 2018, and since then, the True USD (TUSD) Cryptocurrency has grown to incorporate around $400 million of backed tokens as of October 2020 data. The True USD (TUSD) Cryptocurrency is a famous cryptocurrency stable coin administered by the Trust token; it is a platform for tokenizing some real-world assets.
Like the other stable coins, the True USD (TUSD) Cryptocurrency facilitates increased liquidity. In addition, it provides cryptocurrency traders and general users with a nonvolatile asset relative to free-floating tokens like BTC. As of October 2020, True USD (TUSD) Cryptocurrency stands at the thirty-eighth position on the long list of cryptocurrencies by market cap.
Why was the True USD Cryptocurrency made for?
The True USD (TUSD) Cryptocurrency was made due to the following reasons:
- Traders and exchanges- The True USD (TUSD) Cryptocurrency can be considered a great tool used to hedge against market volatility and enter the markets without buying into ETH/BTC first. ETH stands for Ethereum, and BTC stands for Bitcoin Currency.
- Mainstream Commerce- Every day, people and different businesses take advantage of the benefits offered by various blockchain technologies without exposure to massive fluctuations in the price.
- Developing economies- Also, the developing markets can easily use these stable currencies for their trade—long-term financial contracts like salaries, loans, and prediction markets.
- The financial institutions can also use it as a trustworthy asset to trade in the crypto markets.
Founders of the True USD Cryptocurrency
True USD (TUSD) Cryptocurrency is a stable coin that was launched by TrustToken (the parent company), and the co-founder and Cheif Executive Officer (CEO) of the same is Rafael Cosman. He has a lifelong attachment to the whole procedure of cryptography. He studied Artificial Intelligence before working at Google Brain and Palantir’s software company. Rafael Cosman left google to create the TrustToken in the year 2017. Furthermore, he also stated that the True USD (TUSD) Cryptocurrency was always just the beginning of the product line of Trust Token, and it involved relatively some minor work in return for creating a high-impact asset. At the time of the launch of True USD (TUSD) Cryptocurrency, he noted that the regular auditing of these stable coins formed an essential focus for the company and also gave some investors peace of mind at a time when other crypto assets were experiencing heavy volatility in the wake of the ICO (initial coin offering) phenomenon.
What makes True USD (TUSD) unique?
The True USD (TUSD) Cryptocurrency focuses on balancing utility and stability, the primary use case of any stable coin with some security in regular attestations. From the launch of True USD (TUSD) Cryptocurrency, the parent company Trust token has sought to underscore the importance of the independent verification of the provenance of the stable coins. The appeal of the stable coins is geared towards more prominent investors to reduce the risk with the small private traders.
True USD (TUSD) Live Data
Today, the live True USD (TUSD) Cryptocurrency price is around USD 1.00 with a 24-hour trading volume of USD 143,351,517. Furthermore, the prices are updated from TUSD to USD in real-time. As a result, the True USD (TUSD) Cryptocurrency has been down 0.06% in the last twenty-four hours. The current ranking places the True USD (TUSD) Cryptocurrency at 77, with a live market cap of around USD 1,363,902,107 and comprises a circulating supply of 1,363,783,344 TUSD coins. The entire collection, however, is not available.