TrueUSD (TUSD)

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Trading and Hedging

TrueUSD provides a stable digital dollar that traders use to protect their funds from price swings in the crypto market. It acts as a reliable trading pair on many exchanges.

Transfers and Payments

It enables fast, low-cost transfers between wallets and exchanges, making it useful for sending money quickly and efficiently, including international remittances.

Store of Value

During times of market volatility, TrueUSD offers a stable place to hold value without worrying about price changes.

Decentralized Finance (DeFi)

TrueUSD is widely used in DeFi applications for lending, borrowing, and liquidity provision due to its stable value and transparency.

Transparency and Trust

Backed 1:1 by U.S. dollars held in escrow and verified by independent audits, TrueUSD ensures users that each token is fully collateralized, promoting trust and security.

Cross-Border Transactions

It facilitates cheaper and faster cross-border payments compared to traditional banking methods, leveraging blockchain technology.

For more details, visit the official TrueUSD website at tusd.io.

Pros of TrueUSD

• Transparency: Regular third-party audits verify that each TrueUSD token is fully backed by U.S. dollars held in escrow accounts.
• Full Collateralization: Every TrueUSD token is backed 1:1 by real USD, ensuring stable value.
• Regulation and Trust: TrueUSD is one of the first regulated stablecoins with legally protected backing.
• Wide Acceptance: Supported on many major exchanges like Binance, Bittrex, and Kucoin.
• Fast Transactions: Operates on Ethereum and Binance blockchains, allowing quick transfers 24/7.
• Smart Contract Automation: Tokens are minted and burned automatically through smart contracts when issued or redeemed.

Cons of TrueUSD

• Verification Required: Users must complete identity checks (KYC/AML) to buy or redeem TrueUSD.
• No Mining or Staking: TrueUSD cannot be mined or staked directly, limiting some earning opportunities.
• Dependence on Escrow Partners: USD backing is held by third-party banks, not directly by TrustToken.
• Limited to USD Peg: Value is tied strictly to the U.S. dollar, so it doesn’t benefit from crypto market gains.

Founders of TrueUSD

TrueUSD was created by TrustToken, a company founded by Rafael Cosman, Danny An, and Stephen Kade. Rafael Cosman studied cryptography and artificial intelligence at Stanford and worked at Palantir and Google. Danny An serves as CEO, and Stephen Kade, who attended UC Berkeley, was the product lead until 2020. Together, they built TrueUSD as a stablecoin backed 1:1 by the US dollar.

Investors in TrueUSD

TrueUSD was launched by TrustToken, a San Francisco-based company. Early investors include venture capital firms such as Tribe Capital. The project also attracted backing from experienced teams with backgrounds at companies like Google and Palantir. TrueUSD is supported by multiple third-party trust companies that hold collateral in escrow to back the token.

Institutional and Corporate Support

TrueUSD benefits from partnerships with trusted fiduciaries and banks that hold the USD reserves. It also uses third-party accounting firms for regular audits to maintain transparency and trust with investors.

Regulatory and Legal Context

TrueUSD's parent companies, TrueCoin LLC and TrustToken Inc., have been involved in regulatory actions related to investment contracts, highlighting the complex environment around stablecoin investments.

For more details, visit the official TrueUSD website or TrustToken's page.

Halal Status of TrueUSD

• Yes, TrueUSD is generally considered halal.
• It is a fully backed stablecoin pegged 1:1 to the US Dollar, with transparent daily attestations of its reserves.
• The backing by fiat currency and regular audits align with principles that avoid uncertainty and speculation, which are important in Islamic finance.