TUSD is a cryptocurrency that is pegged to the value of the US dollar, meaning that its value is meant to stay relatively stable and be worth approximately one US dollar at all times. TUSD stands for "TrueUSD," and it is an ERC-20 token that runs on the Ethereum blockchain.
TrueUSD was created by the San Francisco-based company TrustToken, which was founded in 2017. TrustToken is a platform that allows users to create and trade tokenized versions of various assets, including currencies, commodities, and real estate. The company's goal is to make it easier and more accessible for people to invest in these assets, while also reducing the costs and complexity associated with traditional investment methods.
The idea behind TrueUSD is to provide users with a stable cryptocurrency that can be used for transactions and other purposes, without the volatility that is often associated with other cryptocurrencies such as Bitcoin or Ethereum.
TrueUSD is backed by US dollars held in escrow accounts, which are regularly audited to ensure that the supply of TUSD tokens matches the amount of US dollars held in reserve. This gives users confidence that their TUSD holdings are backed by a real-world asset and that the value of their holdings will remain stable over time.
TrueUSD (TUSD) is secured through a combination of technology and financial processes.
First, TUSD is an ERC-20 token that runs on the Ethereum blockchain, which is a decentralized network that is secured by a distributed network of nodes. This means that TUSD transactions are recorded on a public ledger that is tamper-resistant and transparent, making it difficult for bad actors to manipulate the system.
Additionally, TrustToken has implemented a number of security measures to protect the TUSD platform and its users. These include multi-factor authentication, role-based access control, regular security audits, and ongoing monitoring of the platform for suspicious activity.
Second, TUSD is backed by US dollars held in reserve in escrow accounts, which are regularly audited by independent third-party firms to ensure that the amount of TUSD in circulation matches the amount of US dollars held in reserve.
The supply of TUSD is designed to be flexible and responsive to market demand. When there is high demand for TUSD, TrustToken can issue additional tokens to increase the supply and maintain the peg to the US dollar. Conversely, when there is low demand for TUSD, TrustToken can retire or redeem tokens to decrease the supply and maintain the peg.
TrustToken also has a mechanism in place to burn TUSD tokens when they are redeemed for US dollars. This helps to ensure that the supply of TUSD remains in line with the amount of US dollars held in reserve, and helps to maintain the stability of the token's value.
As of April 28, 2023, there were a little more than 2 billion tokens in circulation, and the total supply of the TUSD token was at 2,029,653,246.
Average Fees for TUSD
As an ERC-20 token running on the Ethereum blockchain, the fees associated with using TrueUSD (TUSD) can vary depending on the level of network congestion and other factors. The fees associated with TUSD transactions are paid in Ether (ETH).
TUSD Token Wallets
TUSD token can be stored in any wallet that supports ERC-20 tokens, for example, MyEtherWallet, MetaMask, Ledger, Trezor, Exodus, Trust Wallet, Atomic Wallet, imToken, Coinomi, Jaxx, Mist, Enjin Wallet, Eidoo, etc.
