"Now, traders can use TrueUSD to easily and quickly trade into a stablecoin that is fully USD collateralized," said Danny An, CEO of TrustToken.
SAN FRANCISCO (PRWEB) March 06, 2018
Today, TrustToken has launched trading for TrueUSD, the first independently verified asset-backed stablecoin on the market that fixes its value to the US Dollar. TrueUSD is the first USD-backed cryptocurrency stablecoin that is attestated, legally enforceable, and fully collateralized to guarantee that TrueUSD can be redeemed for US Dollars. Most importantly, this allows individuals and institutions to trade on cryptocurrency exchanges while mitigating the high volatility and risk of the market.
"TrustToken is proud to launch TrueUSD so that traders can easily and quickly trade into a stablecoin that is 100 percent USD collateralized and independently verified by third-party accountants," said Danny An, CEO and co-founder of TrustToken. "We are excited to launch TrueUSD with Bittrex, as they are known as the largest cryptocurrency exchange in the US by trade volume, as well as an industry leader in regulatory compliance. The market has demonstrated that there is strong demand for a trustworthy trading pair between cryptocurrencies and US Dollars. TrueUSD’s presence on Bittrex meets that need."
“Bittrex is committed to providing our customers with an extensive selection of blockchain technologies and digital tokens,” said Bill Shihara, CEO, Bittrex. “Our rigorous listing review not only identifies tokens that have innovative features, but also passes our robust compliance process. We look forward to having TrueUSD on the Bittrex exchange.”
In contrast with current options for USD-backed tokens in the cryptocurrency market, TrueUSD guarantees:
- Legal Protection - TrueUSD provides a critical legal vehicle for fund management with the assurance of regular attestation and strong legal protections for coin holders.
- Redeemable for USD - Any verified account that passes the industry standard KYC/AML check is legally entitled to redeem TrueUSD for USD.
- Trustworthy Fund Management - TrustToken’s legal framework enables coin holders to exchange USD directly with an escrow account -- TrustToken never touches the funds. Instead, they connect coin holders with one of the escrow accounts in their network of fiduciary and banking partners to purchase or redeem TrueUSD. This reduces the counterparty risk that is common in other collateralized stablecoin projects.
- Full Collateral - Every TrueUSD is always fully collateralized by USD, held in a professional fiduciary partner’s banking accounts. TrustToken’s publicly verified smart contracts mint TrueUSD when USD clears the escrow accounts and burns TrueUSD when USD is redeemed to ensure a 1:1 parity between the TrueUSD in circulation and the USD held.
- Regular Attestation - The bank account holdings are published at least monthly and subject to ongoing professional attestations. TrustToken regularly undergoes independent third-party evaluations by leading accounting firms to ensure best practices.
TrueUSD is available for trading today on Bittrex, built and operated in the United States, and the United States’ largest cryptocurrency exchange.
How to Purchase TrueUSD
Apply to the TrueUSD alpha access group. TrustToken is currently receiving a high volume of inbound applications, so it may take several days to process your application. In compliance with regulations, the full process involves passing KYC/AML, wiring funds, and then receiving the TrueUSD tokens. For details, click here.
TrustToken was founded in 2017 by a team of talent from Stanford, UC Berkeley, Palantir, and Google, and is backed by Stanford-StartX, Founders Fund Angel, FJ Labs, and BlockTower Capital. The company has developed a legal framework for collateralized cryptocurrencies in collaboration with Cooley, WilmerHale, and Arnold & Porter, and has a growing network of fiduciary, compliance, and banking partners. For more information about TrustToken and its TrueUSD product, visit http://www.trusttoken.com.