$200 Million Crypto Stablecoin TrueUSD Launches Instant Fiat Redemption
Originally published on: CCN
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March 05, 2019
TrueUSD celebrated its first birthday on Tuesday, and the $200 million USD-pegged cryptocurrency stablecoin commemorated the occasion with two major announcements that could help buttress it as it seeks to supplant $2 billion Tether (USDT) as the market’s leading stablecoin.
Stablecoin to Provide Real-Time Accounting
First, TrueUSD unveiled a partnership with Armanino, one of the 25 largest independent accounting firms in the US. The result for TUSD users is real-time transparency of the global supply of the stablecoin. The feature will be available in April. Rather than a monthly or quarterly report, as is common in stablecoins these days, users can find out the status of the TrueUSD market in one convenient location.
Armanino’s Noah Buxton, Director of Risk Assurance, said:
“We believe continuous assurance and audit is no longer a far-off future, but rather an imminent reality.”
To make the accounting tool possible, TrueUSD gives Armanino access to its bank accounts and blockchain interface. Users will be able to see the assets held in collateral by TrustToken, as well as the scope of balances across the network. A lot of work would be required by a user to do the same on virtually any other stablecoin, but TrustToken’s edge is building trust through transparency.
Automatic Stablecoin Redemption: The New Crypto Standard?
Perhaps more interesting for traders, TrustToken has launched a unique feature. After verification, any TrueUSD user can send a minimum of 1,000 TUSD to their redemption address. They then receive an automatic wire to their registered bank account.
You have to think about it in terms of crypto exchanges like Binance, which has no actual fiat withdrawal options. You can make all kinds of money on Binance, but then you’ve got to go through a process to get it into cash. If you’re a verified TrueUSD user, however, you simply place a withdrawal of TUSD to your redemption address, and the cash will be in your account as soon as banks allow. This feature is currently unavailable with other stablecoins.
The minimum is new, as well. Formerly $10,000 worth of TUSD, the minimum for both purchase and redemption has dropped by 90%. The limits are both still higher than some of the alternatives, though.
TrueUSD Boasts Large Trading Volumes at First Birthday
Big thanks to #TrueUSD traders everywhere! TrueUSD is the most popular regulated stablecoin on #Binance, accounting for 50% of regulated #stablecoin volume this week. Thanks to @cz_binance and the @binance team for putting traders first with great stablecoin trading options! pic.twitter.com/cRD5yfbGJy
— TrustToken (@TrustToken) February 20, 2019
TUSD turned one this week. In the 24-hour period, it had a $226 million usage (trading volume) with a market capitalization of $200 million. It is only the first asset that creator TrustToken plans to offer on the blockchain. In the future, TrustToken intends to tokenize many things, including real estate and other valuable assets.
TUSD is generally reported on less than other stablecoins, but that might be a good thing considering the market. A stablecoin isn’t something you want a lot of news about: you want it to do its job. Quietly.
The last time we heard from the TrustToken team, they drastically reduced the cost of moving TrueUSD (and many other assets) through a feature in Ethereum smart contracts.