TrueUSD can be briefly described as a stablecoin integrated with USD. TrueUSD is a USD-backed ERC20 stablecoin that is fully collateralized and transparently verified by third-party attributions. There are over 200 million TrueUSD (TUSD) in the cryptocurrency market. Detailed information about what the TrueUSD TUSD coin is and how does it work is in the continuation of the article. For information about Theta Fuel (TFUEL) coin, you can check here.
What is the TrueUSD (TUSD) coin and how does it work?
TrueUSD is a USD-backed ERC20 stablecoin that is fully collateralized and transparently verified by third-party attributions. TrueUSD uses multiple escrow accounts to reduce counterparty risk and provide token holders with legal protection from abuse. TrueUSD is the first crypto asset created on the TrustToken platform.
Price instability is one of the biggest obstacles to the widespread adoption of cryptocurrencies. The highly volatile market makes it difficult to use crypto for day-to-day transactions, international transfers, and as a generally accepted payment gateway.
However, some crypto startups are taking this seriously and working towards smoother integration between the current financial paradigm and blockchain technology. One of the stablecoin projects developed for these reasons is TrueUSD.
So who founded TrueUSD? Rafael Cosman is the co-founder and CEO of the stablecoin TrueUSD project launched by parent company TrustToken. Before working for both Google Brain and software company Palantir, Cosman adhered to encryption standards and focused on blending this technology with artificial intelligence (AI). He left Google in 2017 to launch the TrustToken project.
What is the purpose of TrueUSD?
First introduced to a limited number of investors in January 2018, TrueUSD has grown to contain almost $400 million worth of tokens as of October 2020. As with other stablecoin options, TrueUSD aims to facilitate increased liquidity, providing cryptocurrency traders and individual users with a fixed-price alternative asset compared to highly volatile tokens such as Bitcoin (BTC).
For information about crypto currency: https://en.wikipedia.org/wiki/Cryptocurrency