TrueUSD (TUSD) is a stablecoin designed to keep a 1:1 value ratio with the US dollar. It is supported by actual US dollars held in escrow accounts, guaranteeing that each circulating TUSD token corresponds to an equivalent amount of USD stored securely. Independent third-party institutions verify this backing through daily attestations, auditing the reserves to confirm they are sufficient and exist, which adds transparency and trust for users.
TUSD was the first stablecoin to introduce live on-chain attestations, enabling real-time verification of the 1:1 USD backing and making its operations transparent. An independent accounting firm specializing in the industry within the US performs these attestations to ensure the stablecoin's reliability.
The token functions across several blockchain networks, such as Ethereum, TRON, Avalanche, BSC, Fantom, and Polygon, which improves its utility and accessibility in various ecosystems. This multi-chain support facilitates a broader array of applications, from exchange trading to transactions within decentralized finance (DeFi) platforms.
As of March 2023, roughly 2 billion TUSD tokens were in circulation. The supply has no cap, allowing it to expand or contract based on demand; new tokens are minted when users buy TUSD with USD, and tokens are burned when users redeem TUSD for USD.
Regarding security, TrueUSD utilizes the security features of the ERC-20 standard on Ethereum and incorporates additional measures like real-time auditing and Chainlink's Proof of Reserve (PoR). These steps ensure transaction security as well as the reliability and transparency of the token's backing.
TrueUSD has achieved global recognition and use, notably gaining statutory status as an authorized digital currency in the Commonwealth of Dominica. This achievement highlights its increasing acceptance and potential for wider adoption in financial applications.
Users can acquire TUSD on many cryptocurrency exchanges, trading it against other stablecoins and cryptocurrencies. Its broad availability offers a convenient choice for those seeking a stable medium of exchange or wishing to hedge against crypto market volatility.
Prior to investing or trading, it is essential to perform thorough research and acknowledge the risks inherent to cryptocurrencies.