San Francisco, January 2021 – TrustToken, the team behind the TrueFi uncollateralized lending platform and maker of asset-backed tokens including TrueUSD, the world’s dollar-backed stablecoin with live on-chain audits, announces a partnership agreement with Secret Network, the first public blockchain to provide privacy-preserving smart contracts. Through the partnership, TrustToken’s TUSD becomes Secret Network’s first asset-backed stablecoin partner, paving the way for private stablecoins and fully secret transactions.
To date, blockchain transactions may be anonymous, but they’re far from private, with every transaction publicly and permanently visible on-chain. While early blockchain adopters famously praise this transparency, institutional investors, businesses, and individuals wishing to transact privately have been reluctant to switch their business to most crypto assets—especially not when these assets fluctuate wildly with the market. Through this partnership with Secret Network, TrustToken brings privacy-preserving smart contracts to stablecoins for the first time, empowering holders of its TrueUSD stablecoin to spend their money as they see fit, without the entire blockchain world watching, and finally opening up private, stable transactions to businesses and individuals.
Secret Network enables holders of TrustToken’s dollar-backed TUSD to secretly wrap their stablecoin, a process that converts it into “Secret TUSD” and essentially masks the transaction, an option available to users with a Secret wallet. Secret Network is the first blockchain with privacy-preserving smart contracts, which means applications built on the network can utilize encrypted data without revealing any of it, including the nodes on the network, to anyone. This allows developers to