TrueUSD price

TUSD

#129

TrustToken aims to deliver maximum transparency using tools such as real-time auditing of TUSD’s backing and reliability.

Beyond trusting the validity of its USD peg, any security issues relate to those which affect all ERC-20 standard tokens. Transactions, for example, can suffer from abnormally high fees if gas prices on the Ethereum blockchain spike.

As one of the largest USD stablecoins, TUSD is freely available on major exchanges, with pairs for cryptocurrencies and other stablecoins available.

Among the largest volume currently belongs to Binance and DeFi automated market maker Curve.

New to crypto? Read our easy guide to buying Bitcoin and other cryptocurrencies."

TrueUSD, often abbreviated as TUSD, is a stablecoin that is pegged to the US dollar, aiming to maintain a 1:1 value ratio with the USD. This digital currency is backed by real US dollars held in escrow, ensuring that for every TUSD token in circulation, there is an equivalent amount of US dollars stored securely. This backing is verified through daily attestations by independent third-party institutions, which audit the reserves to confirm their existence and sufficiency, providing a layer of transparency and trust for users.

TUSD was the first stablecoin to feature live on-chain attestations, making its operations transparent and allowing users to verify the 1:1 backing of TUSD tokens with US dollars in real time. These attestations are conducted by an independent, industry-specialized accounting firm in the US, further ensuring the reliability of the stablecoin.

The token operates on multiple blockchain networks, including Ethereum, TRON, Avalanche, BSC, Fantom, and Polygon, enhancing its accessibility and utility across different ecosystems. This multi-chain presence allows for a wider range of transactions and applications, from trading on exchanges to facilitating transactions in decentralized finance (DeFi) platforms.

As of March 2023, there were approximately 2 billion TUSD tokens in circulation. The supply of TUSD is uncapped, meaning it can increase or decrease based on demand, with new tokens minted when users purchase TUSD with USD and tokens burned when users redeem TUSD for USD.

In terms of security, TrueUSD leverages the security measures inherent to the ERC-20 standard for tokens on the Ethereum blockchain, while also employing additional measures like real-time auditing and the integration of Chainlink's Proof of Reserve (PoR). This ensures not only the security of transactions but also the transparency and reliability of the token's backing.

TUSD has gained recognition and use globally, even achieving statutory status as an authorized digital currency in the Commonwealth of Dominica. This milestone reflects its growing acceptance and potential for broader adoption in various financial transactions and applications.

For those interested in acquiring TUSD, it is available on numerous cryptocurrency exchanges, where it can be traded against other cryptocurrencies and stablecoins. Its widespread availability makes it a convenient option for users looking to hedge against volatility in the cryptocurrency market or seeking a stable medium of exchange.

Before engaging in any investment or trading, it's crucial to conduct thorough research and consider the inherent risks associated with cryptocurrencies.

TrueUSD (TUSD) is a stablecoin that is fully backed by the U.S. dollar, ensuring a 1:1 peg to USD. The security and trust in TrueUSD come from several key mechanisms that ensure its stability and reliability.

Firstly, TrueUSD utilizes regular audits by independent third-party institutions. These audits are crucial for verifying that each TUSD token in circulation is fully backed by an equivalent amount of U.S. dollars, held in reserve. This process helps to maintain transparency and trust among users and investors.

In addition to regular audits, TrueUSD incorporates advanced auditing and attestation mechanisms. These mechanisms include live on-chain attestations, where the token's backing is verified in real-time by an independent, industry-specialized accounting firm. This level of transparency is further enhanced with the integration of blockchain technology, specifically through Chainlink's Proof of Reserve (PoR). This integration allows for the secure minting of TUSD tokens and provides users with access to up-to-date information regarding the token's USD reserve.

TrueUSD also ensures its security through full collateralization. Every TUSD token is backed 1:1 with the U.S. dollar, held in reserve. This full collateralization not only supports the token's value but also provides a layer of legal protection for token holders.

Moreover, TrueUSD has taken proactive steps to distance itself from potential scams and to improve its security measures continuously. This commitment to security is evident in its statutory status as an authorized digital currency in the Commonwealth of Dominica, providing an additional layer of regulatory compliance and legal protection.

It's important for individuals to conduct their own research before investing in any cryptocurrencies, including stablecoins like TrueUSD. Despite the robust security measures in place, the dynamic nature of the cryptocurrency market means that investors should be well-informed and cautious.

TrueUSD (TUSD) serves as a digital representation of the U.S. dollar on various blockchain platforms. It is designed to maintain a 1:1 peg with the USD, ensuring that each token can be redeemed for an equivalent amount of fiat currency. This stablecoin is utilized across a broad spectrum of financial activities, including trading, remittances, and payments. Its presence on over 100 trading platforms and compatibility with multiple blockchain ecosystems, such as Ethereum, TRON, and Binance Smart Chain, among others, facilitates its widespread use.

The token's utility is further enhanced by its integration with Chainlink's Proof of Reserve (PoR), which provides real-time attestations of the reserves backing TUSD. This feature underscores the token's transparency and reliability, making it a trustworthy medium for various transactions. Additionally, the absence of minting and redemption fees makes TUSD an attractive option for users seeking to move funds or engage in trading activities without incurring extra costs.

TUSD's legal recognition as an authorized digital currency in the Commonwealth of Dominica exemplifies its growing acceptance and potential for broader adoption in payments and remittances. The token's supply, which was around 2 billion as of March 2023, is uncapped, allowing for expansion in response to demand.

Security measures for TUSD include real-time auditing by an independent accounting firm, ensuring that the token remains fully collateralized by USD reserves. However, as an ERC-20 token, it shares the same security considerations as other tokens on the Ethereum network, including potential vulnerabilities to high transaction fees during periods of network congestion.

In summary, TrueUSD's utility spans trading, remittances, and payments, supported by its stable value, transparency, and security features. Its broad availability on major exchanges and integration into various blockchain ecosystems make it a versatile tool for users within the cryptocurrency space.

TrueUSD (TUSD) has marked its presence in the cryptocurrency landscape through a series of significant developments and milestones. A notable aspect of TrueUSD is its pioneering approach to transparency and trust. It became the first USD-pegged stablecoin to introduce daily attestations of its underlying reserves by independent third-party institutions. This move was aimed at ensuring the 1:1 ratio of its USD reserve to the circulating token supply, reinforcing the stability and reliability of TUSD.

In the third quarter of 2023, TrueUSD achieved a remarkable feat by recording a daily trading volume that surpassed $1 billion. This milestone underscores the growing acceptance and usage of TUSD in the cryptocurrency market, reflecting its liquidity and the trust it has garnered among users.

The listing of TrueUSD on multiple industry-leading exchanges has significantly contributed to its accessibility and liquidity. Being available on over 100 trading platforms, including some of the largest exchanges in the cryptocurrency ecosystem, has facilitated widespread adoption and use of TUSD across various blockchain networks.

TrueUSD's commitment to security and transparency is further exemplified by its integration with Chainlink Proof of Reserve (PoR). This integration ensures the minting process is secured, enhancing the transparency and reliability of TrueUSD. Moreover, the real-time auditing by an independent, industry-specialized accounting firm in the U.S. adds an additional layer of trust, allowing users to verify the 1:1 peg and the 100% collateral rate at any time.

The statutory status granted to TrueUSD as an authorized digital currency and medium of exchange in the Commonwealth of Dominica marks a significant step towards regulatory recognition and acceptance. This development not only legitimizes TUSD in a jurisdictional context but also opens up new avenues for its use and adoption.

With around 2 billion TUSD in circulation as of March 2023, and an uncapped supply model that expands according to demand, TrueUSD has established itself as a key player among USD stablecoins. Its security measures, which include adherence to the ERC-20 standard and mitigation of transaction fee volatility, further ensure a secure and efficient ecosystem for its users.

In conclusion, TrueUSD has demonstrated significant growth and innovation in the stablecoin sector, marked by its commitment to transparency, security, and regulatory compliance. Its achievements and developments have solidified its position in the cryptocurrency market, making it a noteworthy stablecoin for users and investors alike.