TrueUSD $TUSD Wiki: Coin History, Techstack, and Crypto News

TrueUSD is a cryptocurrency stablecoin built on the Ethereum blockchain pegged to 1USD. The cryptocurrency is legally protected and fully backed by collateral through third-party trust companies in escrow. The cryptocurrency was designed to be reliable, simple to use, and transparent. The native cryptocurrency of TrueUSD is known as TUSD.

TrueUSD was created to allow an exchange of value in cryptocurrency without having to deal with traditional currency every time a user needed to move their cryptocurrency to a more stable market. The currency is fully compliant with regulatory and legal frameworks to ensure the trust of lawmakers and users. TrustCoin LLC, the parent company of TrueUSD, is building another stablecoin pegged on the British pound.

History

True USD was founded in April 2018 by TrustToken after the issues with the legitimacy and backing of Tether was made public. TrustToken was created by a team that originated from Stanford, Palantir, Google, and UC Berkeley. Its formation was backed by Stanford StartX, Blocktower Capital, and Founders Fund Angel.

The native currency of TrueUSD was fully backed in the ratio of 1:1 on the US dollar.  TrueUSD is an entity that belongs to TrueCoin LLC. The initial version of TrueUSD was restricted to a minimum of $10,000. This was gradually reduced and is currently $1000. This was done to ensure and maintain the stability of TUSD from the beginning.

The TrueUSD (TUSD) was launched on the TRON Network. It later expanded so as to make it more acceptable for decentralized finance.

Biggest Claims to Fame

Stablecoins like true USD enable people to have access to the benefits of crypto without taking the risks of the volatile crypto market. TrueUSD is a good investment for anyone new to the crypto market who does not want to take the risk of their crypto investment falling or decreasing in value.

TrueUSD is easy to withdraw, exchange or transfer to traditional currency. As a stablecoin, the set value makes it easy for traditional financial institutions to accept it and exchange it. The set value also makes it easy to exchange it in cryptocurrency exchanges since its value does not fluctuate as much as non-stabilized cryptocurrency does.

All the banks and trust currencies that work on ensuring TrueUSD remains stable are legally obliged to make any dealings involving TrueUSD public and accessible for viewing at all times. This helps ensure the banks do not hide any information about the cryptocurrency or mess with the collateral they have put down for TrueUSD .

The token uses several escrow accounts to lower the risk of the financial institutions backing TrueUSD backing down or defaulting from fulfilling its part. This also provides users with legal protections against the thefts that are increasingly common with the number of cryptocurrencies starting up every day and shutting down without notice and leaving the users without any means of getting legal action taken against them.

Biggest Criticism

The structure of the TrueUSD network goes against the basic foundations of cryptocurrency. TrueUSD relies on traditional banking and financial institutions to provide backing and support in case they need extra finances. Banks are essential in the day-to-day running of the TrueUSD cryptocurrency. This goes against the basic principle of cryptocurrency of removing traditional banking institutions from their involvement in people's personal finances.

Carrying out a withdrawal or a purchase from TrueUSD requires documents to be filled out every time. The documents are there to ensure the person purchasing or withdrawing the money is a legitimate user that has the right to carry out the transaction and to ensure that the currency is not laundered, which are good things. However, the long process required of filling the documents and having to wait to get them processed discourages some people from bothering at all.

Team

TrueUSD was created by a company known as TrustToken which was founded by Rafael Cosman, Danny AN, and Stephen Kade.

Rafael Cosman graduated from Stanford where he studied cryptography and artificial intelligence. He worked at Palantir and Google. He founded TrustToken after he left Google and remains there as co-founder and head of engineering.

Danny An is among the cofounders of TrustToken. He remains at TrustToken as a co-founder and CEO.

Stephen Kade was one of the co-founders of TrueUSD. He went to school at UC Berkeley.  He worked as the product lead at TrustToken until September 2020.