“We believe that TUSD is the best option for traders and funds who don’t want the risk of Tether but still want to hold crypto assets in a price-stable token,” said Rafael Cosman, CTO.
(PRWEB) March 30, 2018
Since launching in early March, TrueUSD (TUSD) is proving its value by being quickly interchangeable and tradeable with top cryptocurrencies such as Bitcoin and Ethereum. The market has shown healthy demand for TUSD with average daily trade volumes around $1 million. Today, TrustToken is announcing that TUSD is directly tradeable with Tether on Bittrex. This pairing facilitates faster and cheaper transactions out of Tether and into TrueUSD, the world’s only legally-backed stable cryptocurrency. (For full information, please visit TrustToken’s blog.)
“We believe that TUSD is the best option for traders and funds who don’t want the risk of Tether but still want to hold crypto assets in a price-stable token,” said Rafael Cosman, CTO of TrustToken, the company behind TrueUSD. “We’ve worked with top legal and accounting firms to develop best practices like providing regular attestation reports and never transferring traders’ money ourselves. We want to provide this service to the trader community to help further the growth of the cryptocurrency ecosystem.”
TrustToken’s legal framework enables token holders to exchange USD directly with an escrow account -- TrustToken never touches the funds. Instead, traders get access to one of the escrow accounts in the network of fiduciary and banking partners to purchase or redeem TrueUSD. This reduces the counterparty risk that is common in other collateralized stablecoin projects. Additionally, every TrueUSD is always fully collateralized by USD, held in a professional fiduciary partner’s escrow account. TrustToken’s publicly verified smart contracts mint TrueUSD when USD clears the escrow accounts and burn TrueUSD when USD is redeemed to ensure a 1:1 parity between the TrueUSD in circulation and the USD held as collateral.
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, follow this link.
TrustToken was founded by a team from Stanford, UC Berkeley, Palantir, and Google, and is backed by BlockTower Capital, Stanford-StartX, Founders Fund Angel, FJ Labs, and Stanford-StartX. 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. Learn more about TrustToken and its TrueUSD product at http://www.trusttoken.com.