TrueUSD, a cryptocurrency whose value is pegged to that of the dollar, has signed a deal with Binance, one of the world’s largest cryptocurrency exchanges in terms of volume.
Starting May 18, TrueUSD (ticker: TUSD) will be listed on Binance, allowing traders to exchange it for Ethereum, Bitcoin, or Binance Coin.
Launched in March by San Francisco-based startup TrustToken, TrueUSD is a so-called stablecoin — a cryptocurrency whose value is pegged to the value of a traditional asset, in this case the U.S. dollar. TrustToken claims that TrueUSD is fully collateralized with fiat money, held in escrow accounts accessible by trusted third-party fiduciary partners. The company says it publishes monthly reports on the state of its bank account holdings, and subjects them to ongoing audits.
“Having U.S. dollars as collateralization held in escrow in addition to our regular accounting reports provides traders with reassurance that they can trust in TrueUSD,” Rafael Cosman, co-founder and CTO of TrustToken, said in a statement.
In other words, every single TUSD should always be redeemable for U.S. dollars, at a 1:1 ratio, with a pretty good degree