TrustToken has launched trading for TrueUSD, “the first independently verified asset-backed stablecoin on the market that fixes its value to the U.S. Dollar.” TrueUSD (TUSD) is live on the cryptocurrency exchange Bittrex.
“TrustToken is proud to launch TrueUSD so that traders can easily and quickly trade into a stablecoin that is 100 percent USD collateralized and independently verified by third-party accountants,” said Danny An, co-founder and CEO of TrustToken. “The market has demonstrated that there is strong demand for a trustworthy trading pair between cryptocurrencies and U.S. Dollars. TrueUSD’s presence on Bittrex meets that need.”
Stablecoins are price-stable cryptocurrencies, meaning the market price of a stablecoin is pegged to another stable asset, like the U.S. dollar. A recent review explores the conceptual and technical aspects of stablecoins, discussing current implementations including TrueUSD.
TrustToken, founded in 2017 by a team from Stanford and UC Berkeley universities, Palantir and Google, has developed a legal framework for collateralized cryptocurrencies and a technical platform to tokenize real-world currencies and assets. TrueUSD is an ERC20 stablecoin that is claimed to be “fully collateralized, legally protected and transparently audited.” It is issued only against existing fiat reserves held by a central issuer, using multiple escrow accounts to reduce counterparty risk and to provide token holders with legal rights