1. What is TrueUSD (TUSD):
TrueUSD is a stablecoin issued on Ethereum and backed 1:1 by the US dollar, meaning each unit of TrueUSD is guaranteed to be equivalent to one US dollar, similar to other popular stablecoins today.
TrueUSD was developed by TrustToken and is overseen by leading audit firms such as Armanino, Cohen & Company, and ConsenSys Diligence.
Currently, in addition to Ethereum, TUSD is also supported on other popular blockchain networks, including BNB Chain, Arbitrum, Fantom, Polygon, and more.
2. What is TrustToken:
TrustToken is a fintech company founded in 2017, specializing in blockchain and digital currency solutions, with investments from major players like a16z, BlockTower, and Morgan Creek.
TrustToken’s primary goal is to create tokens backed by real-world assets to enhance transparency and reliability in digital currencies.
TrustToken develops and manages multiple tokens, including TrueUSD (TUSD), TrueGBP (TGBP), and TrueAUD (TAUD).
3. How TrueUSD (TUSD) Works:
Each TrueUSD (TUSD) token is equivalent to one US dollar. All USD-denominated reserves are held in third-party custodial accounts.
When users want to purchase TrueUSD, they must pass KYC/AML verification and deposit USD into one of TrueUSD’s trusted partner accounts. After the funds are verified, TrueUSD tokens are issued at a 1:1 ratio based on the deposited amount.
4. Comparing TUSD to Current Stablecoins:
According to DefiLlama’s stablecoin market share rankings as of the writing date (February 28, 2023), TUSD ranks 5th, with a total circulating supply exceeding 1.1billion—thehighestlevelsinceAugust2022.Comparedtothethreemostpopularstablecoinstoday(USDT,USDC,BUSD),TUSD’scurrent1.1billion—thehighestlevelsinceAugust2022.Comparedtothethreemostpopularstablecoinstoday(USDT,USDC,BUSD),TUSD’scurrent1.1 billion supply remains a "modest" figure. Significant time and community adoption will be required for TUSD to secure a higher position in the stablecoin market share.
Over 60% of TUSD (approximately $671 million) is allocated on the Ethereum network, while 37.8% is on the Tron network.
5. Does TUSD Have Transaction Fees?
TUSD transaction fees depend on the exchange or trading platform you use. However, TUSD fees are generally lower than those of other cryptocurrencies.
The above is information about the TUSD project. Let’s study and evaluate together to make the most informed investment decisions. Best of luck!!!