Cryptocurrencies have managed to disrupt and take the world by storm. As more and more tokens and coins are being introduced, it is the ones with least amount of fluctuation aka ‘fixed price’ that are being sought after. Till date, only Tether had the monopoly and hence managed to gain immense popularity. With a stable value of $ 1, despite of fluctuations, investors are lining up to purchase the same. Similarly, the value of TrueUSD has stayed unaffected and is now being called upon as the new attempt that shall solve low volatility. It has made a name of itself in the market as a stablecoin. Sounds impressive, right?
What is TrueUSD?
TrueUSD (TUSD) is basically a cryptocurrency that works on the TrustToken platform. On it, asset-backed tokens are created. With them one can buy and sell assets all around the world. Basically, it is a framework that helps in exchanging USD with an escrow account. An escrow account is a legal contract between parties. Most of the time, escrow accounts are used for asset management.
Before investing in TrueUSD, one needs to know if there is a need in the market for this stablecoin? The answer is obviously, Yes! TrueUSD is a simple stablecoin (price-stable cryptocurrency) that has a Blockchain that enables easy exchange of fiat currency (US dollars) to coins. As cryptocurrencies are surrounded with immense volatility in their pricing, it hinders their mass adoption. The introduction of TrueUSD, makes sure that this scenario changes.
Why should you invest in TrueUSD?
There are several reasons but a few most prominent ones have been mentioned below.
- Stable Currency:
TrueUSD is backed on the US dollar. Hence, it is stable in its value similar to the base value of the US dollar.
- Legal Protection:
Only those who have passed the KYC/AML check is eligible to hold TrueUSD. That too without any legal complications.
- 1 to 1 Parity:
Every unit of TrueUSD coin is kept in trusted firms or banks, as they are cent percent collateralized by US dollars.
Any worry about the security aspects as well as the TrueUSD Blockchain are obsolete as decentralized third parties have been employed to ensure top-notch security. Even the bank account holdings are published periodically and shared with the investors to ensure utter transparency in all aspects.
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How does the Blockchain work?
The potential user/investor submits their required details to a trust company. Additionally, crypto wallet information is seeked. Once all the information is received, the trust company verifies the same by sending signal to the TrueUSD smart contract to start the process of investment. With the verified information and a TrueUSD smart contract under their name, the users’ wallet is credited with TrueUSD coins.
This crypto is still at its infancy! But, the market anticipation is that soon it shall reach its full potential and become the most used cryptocurrency in the market.
Those who can potentially use this cryptocurrency are:
- Crypto traders and exchanges,
- Mainstream commerce,
- Long term financial contracts,
- Developing economies,
- Financial institutions and many others.
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Where can one purchase TrueUSD?
As mentioned previously, this crypto is still coming of age. Hence, not many exchanges are trading in it yet. Bittrex, South Xchange, Binance, and Cryptopia are the few exchanges that allow its trading on their platforms. Hopefully, in the near future, it is an eventual possibility that many other crypto-exchanges shall line up for trading TrueUSD crypto too.
While the acceptance and eventual usage of TrueUSD is still tentative, there still is hope for the same as Tether, as similar crypto, too has marked its presence in the market. The eventual rise of Blockchain and the cryptocurrencies, shall ensure that there is a space for coins and tokens such as TrueUSD. Co-founder and CEO of TrustToken, Mr. Danny An says “The market has demonstrated that there is strong demand for a trustworthy trading pair between cryptocurrencies and U.S. Dollars. TrueUSD’s presence on Bittrex meets that need.” Keep your eyes open for these one folks!