What is TrueUSD?
To fully understand what TrueUSD is, it is worth talking a bit about its origin. TrueUSD was developed through the TrustToken platform, which is dedicated precisely to creating tokens backed by other assets that can be traded anywhere in the world. Starting from it, the first definition we can give is that it is a stablecoin. But in a more specific sense, TrueUSD is a stablecoin that is backed by US dollars. Its users have a complete guarantee of their assets, as third parties frequently audit it. In addition to this, they are legally protected, since users have the right to exchange the tokens for fiat money in said currency. Put merely, TrueUSD dollars are deposited in accounts at different banking institutions that have signed guarantee agreements. In this way, instead of placing all our trust in a single entity that verifies and “safeguards” our money, we will delegate this work to several trust companies. With this, we avoid common inconveniences such as the inappropriate appropriation of our money, relative to the fractional system. The platform is not in power to issue tokens, thus regulating the high volatility that characterizes cryptocurrencies. Its developers have stated that the content of bank accounts is updated and displayed daily, and every month they are audited to verify the proper performance of their functions.
How does TrueUSD work?
There are two ways that users can use TrueUSD. They can buy or redeem, in any way, once the funds are found in their wallets, they can be transferred to others, or used as a means of payment for the acquisition of goods or services, as with other cryptocurrencies. How to take advantage of TrueUSD? TrueUSD is tokens with a 1 to 1 equivalence with the US dollar. Its operation is mainly based on the fact that the platform does not directly contact the assets of its users; instead, it partners with reputable and trusted trust companies to safeguard its dollar reserves. In this way, once the exchanges have been made, people will enjoy a typical and current currency enjoying advantages such as withdrawing all their funds with a total guarantee of liquidity and zero volatility.