What is TrueUSD?
TrueUSD is a stablecoin that is pegged 1:1 to the U.S. dollar, ensuring that its value remains consistent over time. It is backed by real U.S. dollars held in escrow and verified through live on-chain attestations by independent, third-party accounting firms. The coin leverages multiple blockchain networks, providing enhanced transparency and accessibility for users around the globe.
TrueUSD goals
The purpose of TrueUSD is to offer a reliable and stable digital asset that mitigates the volatility common in other cryptocurrencies. It aims to solve the challenge of market fluctuations by ensuring that every token is fully collateralized with a U.S. dollar, thus preserving value. This stability makes it a practical tool for digital payments, remittances, trading, and various decentralized finance applications.
TrueUSD fondamentals
TrueUSD features a dynamic supply model where tokens are minted when users deposit U.S. dollars and are burned upon redemption, maintaining a strict 1:1 peg with the fiat currency. The circulating supply is represented as 495516083 TUSD and the overall market capitalization is noted as $494564869, reflecting its financial scale in the stablecoin market. This mint and burn mechanism ensures that the supply of tokens always corresponds to the actual dollar reserves held, reinforcing transparency and trust.
Marketcap
$0.49456487B
Total number of TrueUSD
495516083 TUSD
TrueUSD technology
TrueUSD operates on several blockchain networks, primarily utilizing the ERC-20 token standard on Ethereum while also being available on networks such as TRON and BNB Chain. The technology behind TrueUSD includes a mint and burn mechanism that ensures tokens are only in circulation when backed by equivalent U.S. dollars. Its integration with Chainlink’s Proof of Reserve system further automates the verification of reserves, providing real-time transparency and bolstering the reliability of its stablecoin framework.
TrueUSD competitors
TrueUSD differentiates itself by emphasizing transparency through its real-time on-chain attestations and integration with Chainlink’s Proof of Reserve technology. These features provide a clear verification that each token is fully backed by U.S. dollars, setting it apart from many competitors in the stablecoin market. While other stablecoins also aim for stability, TrueUSD’s focus on independent audits and multi-chain availability offers a robust competitive advantage in terms of security and usability.
TrueUSD price history
Frequently asked questions
TrueUSD is backed on a 1:1 basis by U.S. dollars held securely in reserve. Independent audits and live on-chain attestations are used to verify that every token has a corresponding dollar, ensuring a high level of transparency.
It maintains stability through a mint and burn mechanism where tokens are issued when users deposit dollars and burned upon redemption. This process ensures that the token supply always matches the actual dollar reserves.
TrueUSD is deployed on multiple blockchain networks including Ethereum, TRON, and BNB Chain among others. This multi-chain support provides flexibility for users and integration with various decentralized finance platforms.
Chainlink’s Proof of Reserve automates the verification process by continuously confirming that TrueUSD’s minted tokens are backed by sufficient dollar reserves. This integration enhances trust and transparency for users.
The minting and redemption process is designed to be efficient and cost-effective, typically involving minimal fees. The primary focus is on maintaining the 1:1 peg without imposing significant transactional costs on users.
The circulating supply is managed through a dynamic mint and burn mechanism; new tokens are minted when dollars are deposited and tokens are burned when redeemed. This ensures that the circulating supply, represented as 495516083 TUSD, always reflects the actual dollar reserves held.
Yes, TrueUSD is widely used in DeFi for activities such as trading, lending, staking, and more. Its stable value and multi-chain presence make it an ideal asset for users looking to safeguard against the volatility typically seen in other cryptocurrencies.
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