Cryptocurrencies have become a trend these days. It has made transactions easier and quicker. Also, people are getting their transactions done with the lowest fees possible. What could be better than that? But now, the crypto market has turned its attention to stablecoins, another big thing in this era.
One of the most famous stablecoins is TrueUSD (TUSD). In this article, we are going to discuss TrueUSD in detail.
What is TrueUSD?
TrueUSD (TUSD) is a stablecoin based on the Ethereum platform. It’s an ERC-20 token that is entirely collateralized, legally secure, and verifiable. It keeps a 1:1 exchange rate with the US dollar. It’s the first crypto-asset created using the TrustToken platform,
TrueUSD was developed to:
- TrueUSD is a fantastic instrument for market entry without first purchasing BTC or ETH and as a hedge against market volatility.
- Mainstream businesses and regular people can benefit from blockchain technologies’ advantages without being subjected to significant price volatility.
- Stable currencies can be used in developing markets for commerce.
- Make long-term financial contracts, including loans, employment contracts, or futures markets.
- Financial institutions can trade in the cryptocurrency markets using reliable assets.
Who created TUSD?
TrustToken created TUSD, a San Francisco-based exchange specializing in developing asset-backed tokens that are quickly exchanged worldwide.
The team behind the TrustToken platform has prioritized tokenizing assets like real estate, motion pictures, small enterprises, and the like in an effort to provide a more dependable market environment.
Rafael Cosman, co-founder, and CEO of TrustToken, has ordered a consistent monthly audit of the TUSD stablecoin. As a result, it offers protection from the market’s volatility and assures investors of a reliable and valuable asset.
TrustToken Company
TrustToken was mainly created to serve as a platform for asset tokenization. It intends to apply blockchain advantages to conventional assets, starting with the US dollar and other significant global fiat currencies.
Following that, TrustToken intends to tokenize a variety of additional assets, including real estate, precious metals, jewels, and more. In the future, it’s likely that even stocks or valuables, like works of art, maybe tokenized.
TUSD vs. USDC
TUSD is ranked 54, while USDC ranks fourth among all cryptocurrencies. TUSD’s market cap of $945,185,351 is lower than USDC, which is approximately $43,129,436,443.
Each system has its own cryptocurrency used by seed customers, private customers, and general users. Additionally, cryptocurrency exchanges openly swap them and use them to maintain value or for speculative investments. Given that both token senses float and fluctuate according to market circs, TrueUSD vs. USD Coin are comparable in terms of token usability and exchangeability.
Both are founded on a successful model and aren’t necessarily terrible. Both have a strong base and are hopeful and durable. Costing alerts preserve under fees and complete transactions quickly.
TrueUSD vs. Tether
Despite being a controversial cryptocurrency, each Tether (USDT) unit is backed by one US dollar. After the investor buys it from Tether Limited, they can sell it again.
TUSD and USDT offer investors tremendous security by shielding them from price drops brought by severe volatility. However, they differ significantly in that TrueUSD is simply an Ethereum-based token where each token equals one US dollar. In order to maintain the stability of the coin, there are no genuine reserves of fiat money. Instead, the stablecoin has partnered with notable financial institutions and international banks.
Advantages of TUSD
People and organizations use TUSD for a variety of reasons. Following are some of its benefits:
Accessibility
It allows traders access to the Bitcoin markets without being immediately exposed to volatility. The TUSD’s steadiness enables traders and investors to exit the markets and stave off escalating volatility.
Transparency
The quantity of US dollars kept in escrow in FDIC-insured US bank accounts equals the amount of TUSD in circulation, according to monthly audits by TrustToken, making TUSD one of the most transparent stablecoins.
Liquidity
The TUSD will be more and more beneficial as trading pairs and liquidity expand. The fact that TUSD may be quickly redeemed or held in any personal wallet that is ERC-20 compatible also reduces the risk from third parties.
Where can I buy TrueUSD?
There are 844,881,479 TUSD coins in circulation, and the maximum supply is unknown. XT.COM, Bitrue, Bitget, BingX, KuCoin, Hotbit, and BitMart are now the leading cryptocurrency exchanges for trading in TrueUSD stock if you’re interested in knowing where to buy TrueUSD at the current rate. You can choose whether you have an account or one that supports TrueUSD.
How to stake TrueUSD
Staking in TrueUSD is not problematic. Decide the exchange you want to use or register on the exchange. For staking, Nexo would be preferred. Create an account and make a crypto deposit on the exchange. You can start earning TrueUSD by using the earn feature.
How to buy TrueUSD
Buying TUSD is not as difficult as people might think. By following a few steps, you will be able to buy TrueUSD:
1. Crypto wallet
You can select a variety of unique and beneficial crypto wallets within the Ethereum network, but Metamask seems to be the most integrated. If the wallet is available, you can download it from the iOS App Store or Google Play if you prefer using your smartphone. You can download Google Chrome for your ease and the wallet Chrome extension if you’re using a desktop computer.
2. Set up Crypto Wallet
Register and set up the cryptocurrency wallet using the Google Chrome extension for the wallet or the mobile app you downloaded in Step 1. You can use the support page for the wallet as a resource. Make a note of your wallet address and keep your seed phrase secure.
3. Crypto Exchange
Choose a cryptocurrency exchange to purchase TUSD. You can choose the Bybit exchange for this since it facilitates quick withdrawals. For further steps, you must visit the website.
Coin-Labs signed an agreement in 2021 to become the official business partner of Bybit.
Therefore, when you sign up for Bybit through the Coin-Labs website, you will be able to experience Korea’s top commission benefits and also become eligible to participate in an event to receive up to $600 in bonuses.
4. Sing up on Exchange
You first must register on the Bybit exchange. Fill out the form to create an account on the exchange by entering your name, email address, and other details.
5. Buy with Fiat money
Once your registration has been approved, you can either buy TUSD using fiat currency or trade it for other cryptocurrencies you already own.
Select the quantity of TUSD you want to buy and the cryptocurrency you wish to exchange it for to start trading another cryptocurrency for TUSD.
6. Third-party payment
On the peer-to-peer platform offered by the exchange, you can directly purchase TUSD from other customers. See the exchange for information on alternatives for third-party payment channels like Advcash, Flutterwave, GEO Pay, Ininal, and Simplex.
Is TUSD a Good Investment?
The price of TUSD has risen to $1.01, with estimated returns of +0.9% in 2022. The algorithm-based forecast is based on a consistent examination of TUSD over the previous nine months, with market capitalization serving as the critical ranking variable.
TUSD will not increase in value on its own because it is a stablecoin. Investors can, however, employ TUSD as a hedge against volatility or store TUSD in a vault (i.e., stake, farm, or mine TUSD on DeFi platforms like Ethereum, TRON, or BNB Chain) to earn rewards.
TrueUSD Price Prediction
The TUSD is intended to stay tied to the dollar, as was previously announced. Therefore, it is likely that all estimates of coin prices will place the TrueUSD price prediction at or near $1.
According to the Digital Coin Price, the TUSD price will remain constant at $1.01 from 2022 until 2029. The estimated TrueUSD price for 2025 is $1.01.
Is TrueUSD safe?
One of the safest stablecoins currently on the market is none other than TUSD. This is in part because TrustToken is transparent, and cryptocurrency is fully-backed. There are some other reasons to consider it safe.
Security
TrustToken’s smart contracts have undergone three independent audits from different security companies, and none of them identified any problems.
Escrow
To prevent TrustToken from having direct access to the usersโ cash being held in reserve, independent trust businesses keep all of the monies backing TUSD in escrow. Monies that correspond to its issued supply.
Legal and Regulated
TrustToken is wholly authorized to conduct business in the United States, and the TUSD is the country’s first regulated stablecoin to be released.
Set Insurance
Due to the TUSDโs FDIC-insured accounts, holders of TUSD are legally protected from the theft of their funds.
Audits
Cohen & Company, an accounting company, conducts a monthly audit of TrustToken, and attestations are posted. As a result, TUSD is kept completely collateralized using escrow.
We Coin-Labs provides only objective information about TrueUSD.
Therefore, we are not responsible for the investment decision in TrueUSD and the resulting loss.
TrueUSD Basics
Here are some factors that investors should consider before investing in TrueUSD.
| Cryptocurrency Features | TrueUSD (TUSD) |
|---|---|
| Publisher or Developers | Stephen Kade |
| Headquarters (Registration Number) | USA |
| Symbol | TUSD |
| Platform | ETH |
| Published Date (CMC Registration) | 2018-03-06 |
| Max Supply | No limit |
Reliability Score of TrueUSD in 2023
These are indexes mesuring the investment reliability of TrueUSD conducted by Coin-Labs.
| Investment Reliability Rating Items | Scores and Current Status |
|---|---|
| Company Activation Rate | 1.4 / 10.0 CAR |
| Communication Rate | 7.3 / 10.0 CR |
| Technology Transparency Rate | 8 / 10.0 TTR |
| Development Participation Rate | 4.5 / 10.0 DPR |
| Listing Status on the World's Top 10 Exchanges | Listed on 2 Exchanges |
| Number of Available Pairs Worldwide | 344 Pairs |
| Market Cap of the Cryptocurrency | 2,629,112,250,756 KRW (Rank #32) |
The table above shows the result of investment suitability evaluation for TrueUSD.
More descriptions about the rating items can be found here.
TrueUSD Price
Here are the price and recent trading volume of TrueUSD. (Data of 2023-03-30 14:13:24)
| Price Items | Price and Trading Volume of TrueUSD |
|---|---|
| TrueUSD Price | 1,302.417 KRW |
| Price Change 24h | -0.03% |
| Price Change 7d | 0.04% |
| Trading Volume 24h | 1,179,802,937,590 KRW |
| Trading Volume Change 24h | 60.70% |
Cryptocurrency Metadata
You can check the development status and social media information of TrueUSD through the links in the table below.
| Metadata Source | URL |
|---|---|
| ๐ Official Website | https://tusd.io/ |
| ๐ White Paper | |
| ๐ฐ๏ธ Source Code (GitHub) | https://github.com/trusttoken/smart-contracts |
| ๐ฆ Twitter | https://twitter.com/tusdio |
| ๐ค Reddit | |
| ๐บ Message Board | https://trueusd.medium.com/ |
Where to Buy TrueUSD
Here are the top ten world crypto exchanges where traders can buy TrueUSD in 2023.
| Top10 Exchanges | Listed Status | Page URL |
|---|---|---|
| Binance | Not listed | |
| Coinbase | Not listed | |
| Kraken | Not listed | |
| KuCoin | Not listed | |
| Bitfinex | Listed | https://trading.bitfinex.com/t/TSD:USD?type=exchange |
| OKX | Not listed | |
| Huobi | Listed | https://www.huobi.com/en-us/exchange/tusd_usdt |
| Bitstamp | Not listed | |
| Bybit | Not listed | |
| Gate.io | Not listed |
Frequently Asked Questions
What is the current price of TrueUSD?
TrueUSD price today is 1,302.417 KRW. Furthermore, the price of TrueUSD has fluctuated by -0.03% from 24 hours ago, and by 0.04% from a week ago.
Where is TrueUSD listed?
Currently, it is listed on a total of 2 among the world top 10 exchanges.
What is the market cap of TrueUSD now?
Currently, TrueUSD has a market cap of 2,629,112,250,756 KRW, which is ranking 32 among cryptocurrencies worldwide.
How much is the trade volume of TrueUSD?
Currently, 2,018,641,278 TUSD coins are circulating through 344 market pairs. As a result, in the last 24 hours, 1,179,802,937,590 KRW of TUSD coins were traded in the market.
