TrueUSD (TUSD) Definition
TrueUSD (TUSD) is a stablecoin that is fully backed by the US Dollar. It is a type of cryptocurrency that offers price stability and is backed by a reserve of assets. In the case of TUSD, each unit is backed by a dollar held in a bank. The main aim of TUSD is to combine the stability of the dollar with the efficiency of blockchain technology.
TrueUSD (TUSD) Key Points
- TrueUSD is a stablecoin pegged to the US Dollar, meaning its value is designed to be as stable as the dollar.
- Each TUSD token is backed by a dollar held in a bank.
- It is built on the Ethereum platform and follows the ERC20 standard.
- TUSD offers transparency as the company behind it, TrustToken, provides regular audits of the reserve funds.
- It is used as a hedge against the volatility of other cryptocurrencies and as a way to move money around the world quickly and cheaply.
What is TrueUSD (TUSD)?
TrueUSD is a stablecoin, a type of cryptocurrency designed to have a stable value as opposed to the significant volatility seen in most cryptocurrencies. It is issued by TrustToken and each TUSD is claimed to be backed by a single US dollar held in reserve.
Who uses TrueUSD (TUSD)?
TrueUSD is used by a wide range of individuals and businesses. Some use it as a stable store of value in the volatile crypto market, others use it to quickly and cheaply send money around the world. It is also used by traders as a stable base currency on crypto exchanges.
When was TrueUSD (TUSD) created?
TrueUSD was launched in March 2018 by TrustToken, a platform that creates asset-backed tokens.
Where can TrueUSD (TUSD) be used?
TrueUSD can be used anywhere that accepts cryptocurrencies, particularly those that accept stablecoins. It is also widely used on cryptocurrency exchanges as a base currency for trading.
Why was TrueUSD (TUSD) created?
TrueUSD was created to provide a stable and transparent form of cryptocurrency. The volatility of cryptocurrencies like Bitcoin and Ethereum can make them unsuitable for certain uses, such as everyday transactions. Stablecoins like TUSD aim to solve this problem by pegging their value to a stable asset, in this case, the US dollar.
How does TrueUSD (TUSD) work?
TrueUSD works by maintaining a reserve of US dollars to back each TUSD token. This reserve is regularly audited for transparency. When a user purchases TUSD, they are essentially buying a claim on a US dollar held in reserve. This claim can be redeemed for a US dollar, giving the TUSD token its value. The token itself is built on the Ethereum platform and follows the ERC20 standard, meaning it can be stored in any Ethereum-compatible wallet.
