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Choose your quick section of our TrueUSD review below.
A Quick Overview of our TrueUSD Review:
TrueUSD aims to balance both stability and utility as this is the main use cases for any stablecoin.
TrueUSD Live Price
What is TrueUSD?
TrueUSD (TUSD) is a stablecoin which is pegged to the US dollar at a 1:1 ratio. TUSD is one of a few cryptocurrencies that aims to facilitate increased liquidity and to provide traders and other users with an asset that is relative to other free-floating tokens such as Bitcoin, and several others.
Key Features and Takeaways of TrueUSD
TUSD is one of the top 100 cryptocurrencies in the market that has the following key features and takeaways:
TrueUSD is a stablecoin that was launched by TrustToken, its parent company, founded by Rafael Cosman. Cosman has a lifelong affiliation with cryptography, and he studied it alongside artificial intelligence (AI) before working at Google Brain and Palantir.
Cosman left Google to create TrustToken in 2017 and he stated that TrueUSD was merely the start of the TrustToken’s product line.
When TrueUSD was launched, Cosman noted that an important focus for the company was regular auditing of the stablecoin as it provides investors with peace of mind.
TrueUSD aims to balance both stability and utility as this is the main use cases for any stablecoin.
From its launch, TrustToken has consistently sought to underscore the importance of independent verification of the provenance of TrueUSD. The appeal of TrueUSD is geared towards large investors who wish to reduce risk, along with smaller private traders.
The equivalent redeemability for USD is maintained through the variety of partnerships that TrustToken has with banks and fiduciary entities.
As result of the transparency that TrueUSD has, it was quickly adopted following its launch and it is currently listed on several large and reputable cryptocurrency exchanges.
In addition to TUSD, TrustToken also launched several other tokenised fiat currencies including tokenised version of the Australian dollar (TAUD), the British Pound (TGBP), the Canadian dollar (TCAD), and the Hong Kong dollar (THKD).
TrustToken’s stablecoins have fulfilled and exceeded the needs and objectives of many individuals, companies, and institutions.
TUSD can also be used for margin funding at exchanges, cryptocurrency loans, and for deposits for interest-bearing accounts.
TUSD is an ERC20 token that was created on the Ethereum blockchain, from where it derives its security. This also provides TUSD with the benefit of open-source smart contracts that power USD transactions.
Users who hold TUSD benefit from the ability to instantly enter and exit crypto markets without having to worry about time constraints that are inherently created by settlement processes as result of the processes in the traditional banking system.
As users purchase and redeem TUSD tokens, they are created and destroyed proportionally. Every USD which is taken in as TUSD, is created and placed in escrow. This means that the full issued as well as circulating supply of TUSD is fully collateralised and backed by US dollars.
The US dollars that back TUSD are held in US bank accounts that are insured by the FDIC and which are audited monthly by Cohen & Company.
Another benefit of using TUSD, is that TrustToken does not charge any purchase or redemption fees for transactions, with revenues generated by collecting interest on US dollars that are held in company accounts.
Users who hold TUSD have legal protection from misappropriation of funds by laws of the United States.
TrueUSD Mining
TUSD is an ERC20 token that was built on the Ethereum blockchain, but it cannot be mined or staked.
When a user buys TUSD with US dollars through the TrustToken platform, or any other cryptocurrency exchange, a smart contract that underlies the platform will automatically create and issue a corresponding and equivalent amount of TUSD, which adds to the circulating supply of the token.
The same process is followed when a user redeems TUSD, a smart contract will automatically take the token that is being redeemed and burns them, removing them permanently from the circulating supply of TUSD, crediting the user with US dollars equal to the TUSD redeemed.
Pros and Cons
| ✔️Pros | ❌Cons |
|---|---|
| TUSD be used for margin funding at exchanges, cryptocurrency loans, and for deposits for interest-bearing accounts. | TUSD is still several places behind other stablecoins |
| TUSD is backed by the US dollar at a 1:1 ratio | There is a lot of competition between stablecoins |
| US dollars that represent TUSD are held in bank accounts that are insured by the FDIC | |
| There are no transaction, purchase, or redemption fees involved | |
| Users have ability to instantly enter and exit crypto markets without delays | |
| TUSD is transparent and provides investors with the reassurance that they need | |
| TrustToken has several corporate partnerships as part of its business activities |
Transaction Fees
| Type of Fee | Information |
|---|---|
| Withdrawal Fees | 56 TUSD |
Should you buy TrueUSD?
TrueUSD is one of many stablecoins that aims to provide stability and utility while security is offered by regular attestations. TrueUSD and its parent company, TrustToken, is geared to draw the attention of large investors as well as smaller private traders.
TUSD is often described as the first regulated stablecoin which is fully backed by the US Dollar, and it forms part of a stablecoin market that is continuously expanding and seeing new entries. Tether remains the largest, despite having experienced its fair share of issues and controversies.
Another factor that is making TUSD worthy of the attention that it is getting from investors, is that its parent has entered several corporate partnerships as part of business activities. This includes options for users who hold TUSD to increase annualised passive income returns.
Even though TUSD finds itself behind several other stablecoins, it is a major component in the evolution of the blockchain ecosystem. The growth and prominence attributed to TUSD have aided improvements in the perception and reputation of stablecoins in the world and among investors and regulators.
There are many individual investors, traders, companies, and institutions who have found that TUSD and several other TrustToken stablecoins are ideal in meeting their needs and objectives. TUSD also has other use cases which includes margin funding at exchanges, deposits for interest-bearing accounts, and cryptocurrency loans.
How to buy TrueUSD (TUSD)
Step 1 – Register an account with Gate.io
Navigate to the official Gate.io website and select the option to “Sign Up” from the homepage.
Complete the online registration form by providing country/region, a selected username, email address, and user-selected password. Read and accept the User Agreement and Privacy and select “Next”.
Create a fund password and select “Create Account”. Complete the “I am not a robot” reCAPTCHA. Check your email inbox for the activation email and click on the link in the email. If the link does not work, you can copy and paste the URL into your browser.
Log into your account using your credentials and complete the reCAPTCHA.
Check your email again for the verification email that contains the 6-digit code and click on “Confirm”. Enter the code that you received into the blocks provided and select “Log In” to proceed.
Before you can use the platform to purchase TrueUSD/TUSD and other cryptocurrencies on Gate.io, you must complete the “Know Your Client” or KYC procedure to verify your identity and your proof of residence.
Click on “KYC Now” at the bottom of the webpage to start the process.
Select whether you are an individual or an organisation by selecting “Verify Now” under the relevant option.
Select your country from the dropdown list, enter your full name followed by confirmation thereof. Select your ID document type and provide your ID Number as shown on your official ID Document.
Click on the first image to upload a clear photo of the front of your ID document followed by a clear photo of the back of the document.
Next, write your Gate.io unique ID on a piece of paper and take a photo of yourself holding up your identity document (front) and the paper containing your unique ID.
Once you have done this, click on “Confirm and Submit”.
Next, you must enable the Timed One-Time Password (TOTP) to be able to log into your account. This can be done by clicking on “Set Now” at the bottom of the page.
On the new page that loads, select “Click here” to set up Two-factor Authentication.
Download Google Authenticator onto your mobile device by making use of any of the abovementioned methods.
Follow the steps indicated to add your Gate.io account by scanning the QR code or entering your unique key.
Enter the TOTP, your fund password, and the code sent to your email address and select “Enable Two-factor Authentication”. With this setup, you must use the Google Authenticator app to sign into your account every time.
Step 2 – Deposit funds
You must note that Gate.io is only a crypto-to-crypto exchange which means there is no fiat gateway. The only way through which funds can be added, is to transfer an existing crypto into your Gate.io wallet.
TUSD can only be bought through Tether/USDT or Bitcoin/BTC while it can be traded with USD as a futures contract.
Navigate to the deposit/withdrawal section by hovering over your account and selecting the relevant option. Choose from the list of coins in which you can make a deposit and select “deposit” next to the appropriate coin.
You will be redirected to a page which generates a deposit address for the coin that you wish to deposit.
Copy this address, or scan the QR code, into the wallet where you are making a withdrawal from and depositing to Gate.io and wait for the relevant blockchain to confirm your transaction. Once the transaction has been completed and verified by the nodes on the chain, the coins will be sent to the Gate.io wallet and you can start trading TUSD.
Step 3 – Explore your trading options
Gate.io offers a variety of ways through which cryptocurrencies can be obtained. Each of these can be explored individually depending on your trading needs and objectives.
To start trading TUSD, select the option from the “Trade” Menu. Enter “TUSD” into the search bar to see which trading options are available.
For spot trading, for instance and as an example, select TUSD_USDT. Once you have selected, you will be directed to the exchange page which corresponds to the cryptocurrency pair TUSD/USDT.
Here, you will see that you have the option to buy or sell TUSD either as a limit order, grid trading, or as a time condition. The most common trading method is that of limit trading and thus it will be used for this guide.
Step 3 – Buy TUSD through via Limit Order
To buy TUSD and create a limit order for it, you can enter the amount of TUSD you want to purchase, and the price you want to buy it at in USDT. This tool will tell you what the overall cost is in USDT, or any other chosen counter-currency, which will be deducted from your wallet once the order has been executed.
Step 4 – Sell TUSD through via Limit Order
To sell TUSD, find the panel under the chart and create a limit order for USDT according to your own preferences. Note that with a peg to USD, TUSD that you exchange for USDT will hold the flat value that it has despite market conditions in the cryptocurrency market.
Step 5 – Withdraw funds
To withdraw funds, you will use the same page in Gate.io which was used to make a deposit.
Click on the deposit/withdrawal option on your Account dropdown and find the wallet of the currency that you wish to withdraw. You can do this easily by using the search bar provided.
Instead of a deposit address being generated, you will do this on the exchange, or the wallet being used as the destination for withdrawal of funds from Gate.io. Paste the address of the receiving wallet in the field provided and provide your Gate.io fund password, email code, and TOTP before selecting “Submit Request”.
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Frequently Asked Questions
When was TrueUSD first launched?
TrueUSD was launched in 2018 to a limited investor base.
Who founded TrueUSD?
Rafael Cosman founded TrueUSD.
What is “ICO”?
It is Initial Coin Offering that, unlike an IPO, does not mean that those who invest in the cryptocurrency will have an ownership stake of the company that they provide funds to.
When was TrueUSD’s ICO and how much did it raise?
TrueUSD did not have an ICO.
Is TrueUSD legit?
Yes, TrueUSD is one of the top cryptocurrencies in the crypto market.
What is TrueUSD’s total supply?
TUSD does not have a maximum supply as it is set to expand according to demand.
What is the purpose of TrueUSD?
TUSD is a legally protected, fully collateralised, and verified transparent stablecoin which is pegged to the US dollar at a 1:1 ratio.
On which blockchain is TrueUSD based?
TUSD is an ERC20 token built on the Ethereum blockchain.
Does TrueUSD work with smart contracts?
Yes, smart contracts automatically mint and burn TUSD when users buy/sell tokens.
Does TrueUSD have potential to become more valuable?
Yes, however, TUSD is still several places behind other stablecoin.
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