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TrueUSD priceTUSD
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About TrueUSD (TUSD)
About TrueUSD
TrueUSD (TUSD) is the first USD-pegged stablecoin that is both fully regulated by a state financial institution and transparently verified by independent firms. It was launched in March 2018 with a vision to provide a transparent and secure stablecoin. With the boom of the cryptocurrency market and the inherent instability of various digital currencies, there was a growing need for a stable digital asset. TrueUSD was introduced to fill that gap.
TrustToken, the company that issues TrueUSD, is registered as a Money Service Business under the Financial Crimes Enforcement Network of the United States. Their funds are regulated by The Nevada Department of Business Industry, Financial Institutions Division. Moreover, the collateral for TrueUSD is audited by Cohen Company as well as Armanino, both of which are top global accounting firms in the world.
Unlike cryptocurrencies like Bitcoin and Ethereum, whose values can fluctuate dramatically, TrueUSD is pegged to the value of the US Dollar. For every TrueUSD in circulation, there's an equivalent amount of USD held in escrow accounts. This pegging ensures a stable value and fosters trust among users.
Being fully compliant with U.S. regulations, TrueUSD follows all necessary legal guidelines. Regular audits by third-party firms ensure the integrity of the coin, making it a preferred choice for users who prioritize transparency and security.
TrueUSD's stability has attracted various users, including traders, businesses, and financial institutions. It's widely used as a trading pair on cryptocurrency exchanges, and as a payment method where traditional banking might be slow or expensive.
Resources
Official website: https://tusd.io/
How Does TrueUSD Work
TrueUSD employs a method known as tokenization to represent real-world currency on the blockchain. When a user purchases TrueUSD with USD, the equivalent amount of USD is held in a professional fiduciary partner bank. TrueUSD tokens are then minted and sent to the user.
Redeeming TrueUSD for USD is a straightforward process. Users can send their TrueUSD to the smart contract, and the equivalent USD is unlocked from the escrow account and sent to the user's bank account. The corresponding TrueUSD is then burned, ensuring a 1:1 peg.
TUSD's operation is governed by smart contracts on the Ethereum blockchain. These automated contracts handle the issuance and redemption of tokens securely. The entire process is transparent and can be audited at any time, adding another layer of trust.
TUSD serves various functions in the financial ecosystem. Its stability makes it a suitable choice for hedging against the volatility of other assets. Moreover, it plays a crucial role in Decentralized Finance (DeFi) platforms, offering a stable medium for various financial services.
Despite its success, TrueUSD is not without challenges. The reliance on traditional banking and regulatory compliance can sometimes slow down processes. Critics also argue that the centralization in the management of escrow accounts contradicts the decentralized nature of cryptocurrencies.
Conclusion
TrueUSD has carved a niche in the volatile world of cryptocurrencies by offering a stable and transparent digital asset. Its compliance with regulations, along with the ability to maintain a 1:1 peg with the US Dollar, has led to widespread adoption and trust. The smart contracts, tokenization, and redeeming processes underline a robust mechanism that leverages blockchain's benefits while mitigating its risks. As the landscape of digital finance continues to evolve, the role of stablecoins like TrueUSD may become even more significant, potentially shaping the future of both traditional and digital economies.
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See moreThe SEC accused TrustToken and TrueCoin of investing 99% of the reserves backing TUSD in a risky fund with redemption issues.
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TrueUSD Social Data
In the last 24 hours, the social media sentiment score for TrueUSD was 4, and the social media sentiment towards TrueUSD price trend was Bullish. The overall TrueUSD social media score was 131, which ranks 723 among all cryptocurrencies.
According to LunarCrush, in the last 24 hours, cryptocurrencies were mentioned on social media a total of 1,058,120 times, with TrueUSD being mentioned with a frequency ratio of 0%, ranking 986 among all cryptocurrencies.
In the last 24 hours, there were a total of 164 unique users discussing TrueUSD, with a total of TrueUSD mentions of 25. However, compared to the previous 24-hour period, the number of unique users decrease by 5%, and the total number of mentions has decrease by 64%.
On Twitter, there were a total of 2 tweets mentioning TrueUSD in the last 24 hours. Among them, 100% are bullish on TrueUSD, 0% are bearish on TrueUSD, and 0% are neutral on TrueUSD.
On Reddit, there were 22 posts mentioning TrueUSD in the last 24 hours. Compared to the previous 24-hour period, the number of mentions decrease by 21% .
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