TrueUSD breaks into the stablecoin market and at the most opportune moment, when Theter (the stable currency that handles more market volume about 2,100 million dollars) is being attacked with a wave of rumors, among them that the Tether in circulation does not It is backed by fiat money and could be intervened at any time.
Bittrex, after these rumors, takes action in this matter and decides on March 5, to enter TrueUSD to its exchange, which already moves a volume of little more than 2 million dollars. But what is TrueUSD?
TrueUSD was born to address the immediate needs of the exchanges and the community, fast transaction options and global reach, giving its operators a stable currency to operate in a market as volatile as the cryptocurrency, which offers a fixed par value . 1: 1 with the dollar and a high transparency of its funds, which are lacking in other EstableCoin.
"If you are a trader and you think the market will fall tomorrow, you need a stable currency to trade"
TrueUSD is an ERC20 backed by fully guaranteed USD, which uses multiple guarantee accounts to reduce counterparty risk, and to provide legal titles over funds.
They are associated with fiduciary companies and authorized banks that manage all funds directly with smart contracts. The team does not have access to the funds.
How does it work?
Unlike Tether, as I mentioned in my previous post, you can only enter money but do not withdraw USD. TrueUSD will allow deposits and withdrawals in cash directly from the client to the authorized bank, through ERC20 smart contracts.
First you must go through a KYC / AML process (know your client / Anti money laundering), USD to a trust company with a custody agreement. When you review your funds, your API requires your smart contract to issue the TrueUSD equivalent to your Ethereum public address, after which you can deposit and withdraw fiduciary money whenever you want.
At the moment, it appears in Bittrex and Upbit as of March 5, against the BTC and ETH cryptocurrencies.
In summary, TrueUSD gives its clients:
Legal protection because it uses deposit accounts in guarantees that allow regular auditing, one of the most used vehicles for managing funds.
Redeemable for USD, after going through the KYC / AML process you can deposit and withdraw funds in USD without problems.
Full warranty, each TrueUSD is guaranteed by deposits in USD in a professional guarantee deposit account, which guarantees 1: 1 parity between TrueUSD in circulation and USD in guarantee deposits.
Regular audit by third parties that allows transparency and in turn trust between customers.
Here we have a good project, the first automation of tokens backed in USD, if Tether does not work fast with the required audits, TrueUSD (TUSD) can surpass you in the market positioning.
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With the release of true usd and dgx there is lots of activity in the near future on coins backed by assets - hopefully this can bring better stability to the crypto space.
Agree..these may be the way forward
Great post!
Resteemd
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