fbpx
Cryptocurrency

Stablecoin TrueUSD Makes Two Major Announcements on its First Anniversary

The stablecoin, TrueUSD, celebrated their first anniversary in March 2019. The team observed this special day by making two announcements that are tailored towards helping the user make the most out of the token.

The first announcement was securing a partnership with one of the most prominent accounting firm in the United States, Armanino. The partnership would allow TrueUSD users to make inquiries about the status of TrueUSD including its bank deposits and total supply in real-time. Other stablecoin users usually wait a long time to get access to the scheduled reports as they are reported monthly or quarterly.

The alliance would allow Armanino complete access to TrueUSD’s blockchain interface and the linked bank accounts. This process would enable TrueUSD users to examine the collateral assets held by TrustToken.

“We believe continuous auditing operations are no longer a far-off future, but rather an imminent reality,” said Noah Buxton, the Director of Risk Assurance at Armanino.

Second announcement was that the TrueUSD users will be allowed to redeem their tokens for fiat. This optional feature will be only available for verified users as per the authorities. The users will be allotted a redemption address for accessing this feature. Once, a user configures this given address, any TrueUSD tokens sent to the address will be converted to fiat and deposited to the users’ bank account. This feature is exclusive to TUSD stablecoin.

In other crypto exchanges, the users would have to go through a specific process to get it converted into cash. However, a TrueUSD user only has to place a withdrawal of TUSD to their redemption address, and the money will be in credited into their account as soon as banks allow. Also, the minimum required for both purchase and redemption has dropped by 90% from $10,000 worth of TUSD.

TrustTokens, the creator of TUSD, plans to offer this digital asset as a blockchain. In the future, TrustToken also intends to tokenize real estate and other valuable assets.

Stablecoin came into existence to address the problems with regular cryptocurrencies which remain riddled by volatility. TrueUSD is a USD-backed ERC20 stablecoin that is fully collateralized, legally protected, and transparently verified by third-party attestations. It is priced at USD 1.02 and has a total market cap of USD 205,948,438.The week, that TUSD turned one, it saw a $226 million trading volume with a market capitalization of $200 million.

Show More

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

Related Articles

Back to top button