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What is TrueUSD?
TrueUSD is a stablecoin based on the Ethereum blockchain (ERC-20 protocol). It was released in March 2018 by TrustToken. She is known for creating digital analogues of real assets that can be traded on exchanges.
TrueUSD is backed 100% by the dollar at a 1:1 ratio. Rafael Cosman, one of the founders of stablecoin, explained the creation of TrueUSD by the fact that the company wants to satisfy the high demand for a stablecoin. TrueUSD is considered a fully legal cryptocurrency as it is fully licensed to operate in the United States.
Features of TrueUSD
- All TrueUSD are backed by US dollars. Dollars are held in the bank accounts of two partners of the TrustToken platform, the Alliance Trust Company of Nevada and Prime.
- TrustToken publishes accounts on a daily basis. TrueUSD is independently audited every month by Cohen & Co.
- TUSD users are protected by law in accordance with American KYC and AML standards.
- All bank accounts holding US dollars in support of TrueUSD are insured for up to US $250 000.
Disadvantages of TrueUSD
- When buying TUSD from TrustToken, users need to pass KYC and AML verification. Part of the cryptocurrency community believes that anonymity suffers from this.