What is TrueUSD?

TrueUSD (TUSD) is a digital asset that strives to maintain a 1:1 ratio with the U.S. dollar (USD). It is the first digital asset to feature live on-chain attestations by independent third-party institutions, ensuring the 1:1 ratio of its USD reserve to the circulating token supply. This attestation process is carried out in real-time by an industry-specialized accounting firm in the U.S. TrueUSD is also the first USD-Backed stablecoin to integrate Chainlink Proof of Reserve, aiming to enhance its transparency and reliability. As of March 2023, there were approximately 2 billion TUSD in circulation. As a stablecoin, the supply of TUSD is uncapped and expands according to demand.

How does TrueUSD work?

TrueUSD operates on the principle of striving to maintain a 1:1 ratio with the U.S. dollar. This is achieved through real-time attestations by independent third-party institutions, aiming to ensure the transparency and reliability of the token. The attestation process is carried out by an industry-specialized accounting firm in the U.S. TrueUSD also integrates Chainlink Proof of Reserve to secure minting and further aim to ensure transparency. The security of the TrueUSD network is primarily related to the ERC-20 standard tokens, which can be affected by high transaction fees if gas prices on the Ethereum blockchain spike.

What are the potential use cases for TrueUSD?

TrueUSD aims to provide a reliable and transparent fiat-backed stablecoin that can be used in various financial contexts. It offers convenience and utility in trading and transfers, providing users with flexibility and accessibility. With billions of dollars' worth of TUSD traded daily, it aims to provide liquidity, providing users with various transaction possibilities for seamless transactions and efficient market participation. TrueUSD does not charge any fees for its minting and redemption, making it a cost-effective option for users.

What is the history of TrueUSD?

TrueUSD was launched by TrustToken with the mission to make finance open and accessible to all. It was the first USD-pegged stablecoin to deploy real-time attestations for its underlying reserves by independent third-party institutions. Over the years, TrueUSD has become available on various platforms and is live on several mainstream public chains, including Ethereum, TRON, Avalanche, BSC, Fantom, and Polygon. In October 2022, TrueUSD was recognized as a digital currency in the Commonwealth of Dominica, a country in the Caribbean.