What Is TrueUSD And How To Buy It?
What Is TrueUSD?
TrueUSD (TUSD) is a transparent and legally-verified ERC-20 token built on the TrustToken platform. TrueUSD is one of the few stablecoins that are fully backed by the US Dollar.The coin’s escrowed funds are held by unaffiliated Nevada-based trust companies that, in turn, are supervised by the Nevada Department of Business and Industry. This allows the project to legally claim that it’s backed and regulated by a state financial institution, which lends it more credibility than most other currencies.TrueUSD price maintains a 1:1 ratio to the US Dollar. Among other things, the coin is fully collateralized and can be instantly redeemed through the official TrustToken website. The project has several other major positives:
- Using separate escrow accounts to store TrueUSD's dollar holdings is a great preventive measure against market volatility.
- The token's exchange ratio encourages more users to enter the market without buying into Bitcoin or Ethereum first. TrueUSD is designed to be more mainstream and allow regular businesses and individuals to reap the benefits offered by blockchain.
- TUSD is an ERC-20 token that users can store on any wallet that supports Ethereum.
With that being said, there are some minor drawbacks. The TUSD coin is impossible to mine, which may discourage some from buying in the first place. What’s more, TUSD is still being overshadowed by its bigger competitor —Tether. While this may change as time goes on, TUSD may be losing the marketing battle for now.
TrueUSD VS Tether (USDT)
Tether is a controversially famous stablecoin developed by Tether Limited and tied at a 1:1 rate to the US Dollar, just like TUSD. USDT has a platform that allows users to instantly convert their tokens into USD.Tether has been among the most-liked and trusted cryptocurrencies since it launched in 2014. However, due to recent allegations of fractional reserve banking that were never fully debunked, the company faces a growing distrust of its product.Under these circumstances, TrueUSD's transparency and simplicity turned out to be a welcome alternative for users. The company's dollar holdings are dispersed throughout unaffiliated trust companies with all participating parties publishing regular audits of the collateralized holdings.
How to Buy TrueUSD?
TrueUSD coin can be bought off of the official TrustToken website and most other trading exchanges. It can be bought with US dollars or exchanged for BTC, ETH, BNB, and USDT, or any other crypto.The list of marketplaces for TUSD includes major exchanges like Binance, Bittrex, HitBTC. You can also get TUSD on the SwapSpace cryptocurrency exchange aggregator, which is a quick and easy way to obtain the required amount of TUSD.
How to exchange TUSD on SwapSpace?
- On SwapSpace homepage, select TUSD in “You send” section and the cryptocurrency you would like to receive in “You get” section. Enter the amount of TUSD you want to exchange.
- Choose the instant exchange service that suits you most.
- Specify the recipient address and check if all the data is correct.
- Send your TUSD coins to the address you will see on the screen.
- Wait until the exchange is complete.
How to Store TrueUSD?
Wondering what to look for in a TrueUSD wallet? A good wallet will need to have several key characteristics:
- ERC20 compatibility. TrueUSD is an ERC-20 token and requires a wallet that supports the protocol.
- Security and backup. You will need full control over private keys, access to pin codes, and seed backup.
- User support. Go for an application or product with an active developer community. This will ensure timely updates and help in maintaining your product.
Although users do have the option to store coins directly on exchanges after purchase it is strongly recommended using one of these dedicated hardware wallets for long-term storage:
- Ledger Nano S. This $100 wallet boasts top-notch security and has a five-star rating on most platforms.
- Ledger Blue. This is considered to be the best TrueUSD wallet as of 2020. Ledger Blue packs enterprise-level crypto-capabilities into a lightweight device architected around a Secure Element. All of this combined with a touchscreen and USB compatibility somewhat justifies its $270 price tag.
- Trezor. Being one of the industry's most trusted wallets, it is ideal for storing cryptocurrency and securing digital payments.
One of the major advantages of TrueUSD crypto is its stability. Being a stablecoin, it provides traders with a secure alternative in times of market volatility: users can switch to TUSD to wait out another market swing without losing money. TrueUSD's compliance with Anti Money Laundering (AML) and Know Your Customer (KYC) policies ensures that shady characters are kept away from the project.All in all, the project offers all of the benefits of crypto without many of its downsides, providing a steady and safe alternative to other more unstable tokens.