In its recent announcement, TrustToken stated that now one of the biggest crypto exchanges, Bittrex enables the direct exchange of TrueUSD (TUSD) and Tether (USDT). Earlier this month, TrustToken launched this Tether clone cryptocurrency that is backed by a fixed US Dollar.
Bittrex allows the direct exchange of TUSD and USDT
TrustToken announced that now TUSD, TrueUSD is directly tradeable with USDT i.e. Tether on the cryptocurrency exchange Bittrex. This direct trading will help in making cheaper and faster transactions from Tether into TUSD.
The cryptocurrency community is already worried about the non-transparent Tether and now its clone TrueUSD has jumped into the picture.
The TrustToken team stated:
“We continue to be thankful to the entire team at Bittrex for partnering with TrustToken to give traders a variety of credible cryptocurrencies. The pairing of TrueUSD to Tether makes it both affordable and fast for traders to move funds into TUSD, the world’s only stable cryptocurrency that is fully collateralized and redeemable for US Dollars. Now, instead of moving funds from USDT (Tether) to BTC (Bitcoin) or ETH (Ethereum) and then TUSD USDT can be quickly and efficiently changed directly to TUSD.”
At the beginning of this month, TrustToken launched TrueUSD (TUSD) which is basically an asset-backed stable coin with its value fixed to a US Dollar. Every TUSD is always backed by the USD that is held in an escrow account of a professional fiduciary partner.
The legal framework of TrustToken allows the token holders to exchange their TUSD into USD with an escrow account. It has been claimed that TrustToken doesn’t touch the user funds as in order to redeem or purchase TUSD, the trader gets access to the escrow account through the banking and fiduciary partners of the company.
The company aims to eliminate any counterparty risk that is commonly present in similar other coins.
TUSD USDT: The race to become a better dollar-backed stable coin
TrueUSD is basically a verified stable coin that is backed by a fixed value of the US Dollar. It is the first fully collateralized, legally enforceable and attested cryptocurrency that ensures you can redeem your US Dollars from TUSD.
TrustToken made the public announcement of its TUSD launch and Bittrex listing earlier this month and further mentioned: “The market has demonstrated that there is strong demand for a trustworthy trading pair between cryptocurrencies and US Dollars. TrueUSD’s presence on Bittrex meets that need.”
TrustToken also confirmed its registration as a Money Service Business (MSB) that will put them in a stronger position to prevent money laundering and frauds.
TrueUSD seems like an attempt to get the dollar substitute token created properly by addressing the problems Tether faces. It all seems too good to be true as of right now, so, we’ll only have to see if it is able to achieve what it claims or will it follow the footsteps of Tether that people are still very much unclear about.
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I am an entrepreneur and a writer with a bachelors degree in Computer Science. I manage the blockchain technology and crypto coverages at Coingape. follow me on Twitter at @arya_achal or reach out to me at achal[at]coingape.com.