TrueUSD ($TUSD) is a US Dollar stablecoin issued by TrustToken on multiple chains, redeemable 1-for-1 for US Dollars.
TrustToken is a crypto company revolutionizing the DeFi industry with a range of products from stablecoins to uncollateralized lending.
$TUSD is transparent and independently attested, with live updated Proof of Reserves published on-chain. It also contains deep liquidity, moving billions of dollars monthly across more than 100 exchanges and OTC desks. It is also fully collateralized, with funds held in escrow by custody partners. It also offers near-instant mints and redemptions, powered by PrimeX and the Silvergate Exchange Network.
In the TrueUSD system, U.S Dollars are held in the bank accounts of multiple trust companies that have signed escrow agreements, rather than in a bank account controlled by a single company. The contents of said escrow account is verified by an independent third-party accountant that publishes monthly attestation reports.
If someone wants to obtain TrueUSD through the online application, they will need to pass a KYC/AML check. Once that's complete, they can send USD to one of TrueUSD's trust company partners. Once the funds are verified by the trust company, their API will instruct the TrueUSD smart contract to issue tokens on a 1 to 1 ratio and to send them to the Ethereum address associated with the account at hand. Once in the wallet, the tokens can be transferred to a friend or used as payment, combining the advantages of fiat (stability and trust) with those of cryptocurrencies (reduced fees and transfer times). The user can also redeem real US Dollars by sending the $TUSD tokens back to the smart contract address, which will notify the trust company, and initiate a bank transfer to the user's account.
The TrueUSD team owns a friendly cooperative relationship with the TrustToken team. The TrustToken team supports TrueUSD in operations, compliance, and banking relations, collaborating to drive higher standards for customer experience, increased marketing budget, growing engineering resources, and more adequate liquidity support. Today, TrueUSD has accomplished many milestones and will continue to strive for $TUSD to reach maximum potential while maintaining a commitment to transparency and security.
