Just 3 weeks after our launch, we’re thrilled to add TrueUSD (TUSD) stable coin as another base coin to our crypto trading platform, which means that besides BTC, BCH, ETH, XRP and FUEL now TrueUSD can also be used to purchase any of the listed coins on Alluma Exchange.
What is a stable coin?
A “stable coin” is a cryptocurrency that is pegged to another stable asset, like gold or the U.S. dollar. It’s a currency that is global, but is not tied to a central bank and has low volatility. This allows for practical usage of using cryptocurrency like paying for things every single day.
What is TrueUSD?
TrueUSD, part of the TrustToken asset tokenization platform, is a blockchain-based stablecoin pegged to the value of USD. In the TrueUSD system, U.S Dollars are held in the bank accounts of multiple trust companies that have signed escrow agreements, rather than in a bank account controlled by a single company. The contents of said escrow account is verified by an independent third-party accountant that publishes monthly attestation reports.
Key features of TrueUSD
Stable Currency - TrueUSD is backed by the US dollar, acting as a stable currency for digital exchange.
Legal Protection - Anyone who passes a standard KYC/AML check can redeem the value of 1 TUSD for 1 USD.
1 to 1 parity - Every TrueUSD is always 100% collateralized by USD, held in professional trust firms’ banks.
Transparent - The bank account holdings are published regularly and subject to monthly professional attestations. Check their website for more details
Bank Grade Security - Trusttoken regularly undergoes independent third-party evaluations by leading auditing firms, to ensure best security practices.
Direct Banking - Transact directly with the trust firm's bank. The TrueUSD system never touches the funds.
How it works?
Source: TUSD Website
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