TrueUSD Price

What Is TrueUSD (TUSD)?

TrueUSD is a stablecoin pegged 1:1 to the U.S. dollar, maintaining a value of $1.00 per token. TUSD runs on the Ethereum blockchain.

TrueUSD is entirely collateralized by fiat currency. An independent third-party institution manages live on-chain attestations to ensure TUSD always remains accurately matched to the dollar’s value. With the integration of Chainlink Proof of Reserve, TUSD has become the first USD-backed stablecoin fully licensed and regulated within the United States.

When you buy TUSD through the TrustToken platform that produces it, a smart contract automatically places your U.S. dollars in a bank and generates the equivalent amount of TUSD. When you redeem TUSD through TrustToken, their smart contract burns the tokens and credits your account with the appropriate amount of TUSD. There are no fees associated with these transactions, so you always get exactly the amount of money you paid for.

What Is the TrustToken Platform?

TrustToken is the platform behind TUSD. It also provides multiple other stablecoins, based on currencies like the Canadian dollar, British pound and Hong Kong dollar. TrustToken's mission is to provide users with fully transparent, completely collateralized stablecoins.

The TrustToken team includes employees from Stanford, UC Berkeley, Google and other impressive organizations. It was founded by Jai An, Rafael Cosman, Stephen Kade and Tory Reiss. They focus on stablecoin cryptos to create a global trade market with equal access to financial opportunities.

What Are TUSD Coins Used For?

TUSD coins have many uses, including:

• Sending and receiving funds internationally
• Using stable currencies for trade in developing economies
• Funding crypto trading accounts with less volatility and fewer fluctuations in value before you make your trades
• Conveniently processing everyday transactions through a decentralized network
• Creating smart contracts to manage long-term agreements, like loans or salaries

What Makes TUSD Unique?

There are a lot of stablecoins with similar designs, but the TUSD stablecoin stands out for several reasons. It's known for being particularly transparent and reliable. Compared to the widely popular USDT, partially backed by gold and other cryptos, TUSD is a little more stable because it’s entirely fiat-backed.

Unlike other stablecoins, no coded algorithms or hidden bank organizations are involved. Instead, TUSD's collateral is managed by unbiased trusts that hold bank accounts with all the money that backs TUSD and publish their holdings reports daily. They also undergo independent audits each month to keep things aboveboard.

How Many TUSD Coins Are in Circulation?

As of March 2023, TUSD with a market cap of $1.9 billion. There is no maximum supply of TUSD. Since it's automatically generated when you purchase TUSD through TrustToken Platform, there could be an infinite supply of TUSD.

Is TUSD a Good Stablecoin?

Though stablecoins might all have almost identical prices, there will still be price discrepancies from one exchange to another. TUSD is carefully designed to minimize the risks and problems of other stablecoins.

The coin is fully backed by liquid fiat currency, so unlike Tether, there’s no risk of TUSD users rushing to redeem their coins and exceeding the platform's liquid reserves. Other perks include its completely transparent operational system and lack of gas fees. Compared to other stablecoins, TUSD's only major con is its redemption minimum. You can only redeem TUSD from TrustToken once you have at least $1,000 worth of TUSD.

Ultimately, all of these perks make TUSD one of the best stablecoin options on the market. With so many advantages for users, it's no surprise that more and more people are switching from USDT to the TUSD stablecoin.

Learn more: Is TUSD stablecoin truly stable?