summary: TrueUSD is a fully collateralized ERC-20 token on Ethereum blockchain pegged to the US Dollar with each token backed by an equivalent amount held in escrow.
content: TrueUSD (TUSD) is a stablecoin that is designed to maintain a value of one U.S. dollar per token. It is an ERC-20 token built on the Ethereum blockchain, and it is issued by the TrustToken platform. The TrustToken platform claims to be the first to offer a fully collateralized stablecoin, meaning that for every TUSD token issued, there is an equivalent amount of U.S. dollars held in escrow in a third-party trust account. Overview TUSD's value is linked directly to the US dollar, and each TUSD is fully collateralized with one US dollar held in an escrow account, thereby providing a 1-to-1 backing. The transfer of TUSD can be done at a low cost of $0.01 and can be sent to any person around the world. Additionally, redemption of TUSD for fiat US dollars is possible after undergoing a KYC/AML verification process. In addition to TUSD, the platform provides several other stablecoins, including TGBP (Tokenized British Pounds), TCAD (Tokenized Canadian Dollars), and TAUD (Tokenized Australian Dollars). To ensure the reserves that collateralize each currency, Truecoin collaborates with third-party accounting firms that offer monthly attestations. Truecoin has also initiated the transition towards a 'live attestation' dashboard, which enables TrueUSD holders to access real-time data about their TrueUSD accounts. The dashboard is made possible through a partnership with Armanino, a leading accounting firm in the United States. How TUSD Works TrueUSD operates on the Ethereum blockchain through smart contracts, enabling the creation and redemption of a tokenized version of the US dollar. Once a user purchases TUSD through the TrustToken platform using US dollars, the smart contract automatically generates and issues the corresponding amount of TUSD, which becomes part of the circulating supply of the token. When a user redeems TUSD through TrustToken, the platform credits them with an amount in US Dollars equal to the redeemed TUSD amount, while a smart contract burns or permanently removes the redeemed tokens from the circulating supply of TUSD. TrustToken does not charge any fees on TUSD transactions, but generates revenue by charging interest on US Dollars held in their accounts. Traders can buy and sell TUSD at a 1:1 ratio, creating a natural arbitrage opportunity and keeping the token pegged to the dollar. TrueUSD x Chainlink TrueUSD has announced the implementation of Chainlink's Proof of Reserves technology to enhance security during the minting process and to reinforce transparency and dependability. The TUSD smart contract uses this 'Proof of Reserve' data feed to verify that the total supply of TUSD does not exceed the total amount of US dollars held in reserve before any new stablecoin is minted. This automated workflow is transparent in the smart contract code and is supported by open and independent data feeds, ensuring both stability and redeemability for TUSD users. !1qc53ZggkiYRKyFaW5ckmhw@2x.webp Trust Token Platform The TrustToken Platform is a dApp built on the Ethereum blockchain that facilitates the creation of tokens backed by real-world assets and allows for global transfer of value. Since its launch in March 2018, TrustToken has expanded its range of tokenized currencies beyond the Tokenized USD (TUSD) to include Tokenized British Pounds (TGBP), Tokenized Canadian Dollars (TCAD), and Tokenized Australian Dollars (TAUD). The company has plans to introduce additional tokenized currencies, such as TEUR and THKD, by the year 2020. 