Categories: Press Release

TUSD Announces New Domain Name While Continuing to be a Top Stablecoin with its Three Core Competencies

Singapore, Singapore, 12th May, 2022, Chainwire

TUSD has announced its new domain name from trueusd.com to tusd.io for a cleaner, concise, and more memorable name as it continues to offer secure, fast network services, and withdrawal experience.

With its new domain name, TUSD intends to benefit the brand image and reflect the brand’s position and impact in the industry. TUSD has kept up with the latest trend to raise the transparency and stability of different public chains and their DeFi ecosystems, enabling the free flow of compliant digital assets worldwide.

As of May 5, 2022, TUSD ranked the fourth-largest USD-pegged stablecoin with a market cap of $1.288 billion and over 410,000 holders, following USDT, USDC, and BUSD. TUSD is increasingly focused on multi-chain deployment and expansion in the DeFi ecosystem.

TUSD is highly liquid, boasting a monthly trading volume of billions of dollars on over 100 exchanges, including Binance, Huobi, and OKX. Its partnership with mainstream public chains such as TRON, Avalanche, Fantom, Polygon, etc., and popular projects such as Curve, Balancer, Compound, and more have offered investors more options and higher yields.

In addition, TUSD has launched the Fountain Incentive Program. This plan earmarks $1 billion worth of TUSD and other digital assets for the DeFi ecosystem and incubates projects with promising potential.

TUSD is supported on major centralized lending platforms such as Celsius, Crypto.com, Dharma, and NEXO. NEXO offers TUSD suppliers a stable supply, APY of around 12%, and Invictus Capital, an innovative asset investment platform, has supported payments in TUSD, ETH, and USDT.

Over the last few years, the stablecoin market has broken away from USDT’s monopoly to embrace variety. Stablecoins now account for more than $180 billion in market capitalization, more than ten times greater than two to three years ago, making them the backbone of the crypto industry.

Stablecoins are essential in the blockchain industry to bridge the gap between cryptocurrencies and the physical world. They can be widely adopted and create long-term use cases. Among all stablecoins, TUSD has proven a force to be reckoned with. Secured and stabilized by various measures, TUSD stands out among fierce competition with three core strengths below.

24-hour Live Attestations

Stablecoins that are USD-backed must submit monthly audit reports to prove their transparency to the market. But TUSD is one of the very few stablecoins that offer real-time on-chain attestations 24 hours a day, seven days a week.

According to public information, TUSD has also become the first stablecoin with on-chain live attestations, thanks to Armanino and Chainlink. TUSD has launched its Proof of Reserve & Supply reference contracts and live attestations through collaboration with Chainlink, an industry-leading decentralized oracle solution, and Armanino, a top 25 accounting firm in the U.S.; TUSD has introduced its Proof of Reserve & Supply reference contracts and live attestations to extend its exceptional transparency to on-chain environments.

Armanino checks data in real-time and creates individual reports evaluated manually to verify the data’s credibility and transparency. Armanino then makes this data available to the Chainlink oracle network via an API endpoint. The Chainlink network will send an exclusive alert to the reference contract on the blockchain, which smart contracts can quickly read if the account balance has deviated beyond a certain degree. Suppose the USD fiat reserves offered by TUSD Proof of Reserve are insufficient to back the TUSD circulating supply, then circuit breakers will activate to halt transactions and safeguard users’ assets.

“TUSD is one of the fastest-growing assets on the Maker platform,” said a Community Member of MakerDAO. “We wish more projects had their Proof of Reserve feature. It’s a huge step towards increased trust and transparency and makes risk assessment much easier.”

Security Enhanced by Third-Party Escrow

TUSD is fully backed by a fiat reserve, ensuring asset safety in two ways. TUSD tokens are entirely supported by dollar reserves and have a 1:1 ratio to the circulating supply. In addition, the collaborating banks and trust companies guarantee TUSD’s dollar-peg protection.

TUSD’s secure, account-based custody services are impressive. When a user buys TUSD, the TrustToken operations team does not have access to the funds. To accomplish this, the TrueUSD team leverages its connections with regulated trust companies, which protect the TUSD funds in escrow. The USD reserves’ tamper-proof custody demonstrates TUSD’s commitment to asset security.

TrustToken has partnered with five banks, including Signature Bank, Silvergate Bank, Prime Trust, First Digital Trust, and BitGo. Other industry leaders’ banks also continue to offer TUSD users secure, efficient, and convenient financial services.

24/7 Minting and Redemption Services

TUSD has the ability to keep its value stable through market mechanisms since it is always redeemable for $1. Prominent arbitrageurs have already gotten involved. They’ll buy TUSD if its price falls below $1 since they know they can sell it on the TrueUSD website for $1. Conversely, when the price of TUSD rises above $1, they will purchase it and then sell it on the exchange to make a profit until it again equals $1.

The Chainlink network can gather real-time staking statistics, which assures 100% USD collateralization and is a standard that is far more rigorous than the modern banking system. Users can also use the PrimeX technology by PrimeTrust to get near-instant minting and redemptions through the Silvergate Exchange Network (SEN) and PrimeX. Users may receive direct-to-bank redemption through a memorable 5-digit TUSD redemption address.

PrimeTrust provides TUSD users with a fast and efficient minting vehicle via PrimeX technology. Users can access 24/7 real-time minting/redemption services and the optimal settlement approaches. Silvergate Bank has created an equally fast and efficient minting vehicle and 24/7 real-time minting/redemption services far superior to those in traditional banks’ portfolios. It gives users an incredibly smooth real-time settlement service, boosting the efficiency of TUSD minting and redemption, while keeping its value stable and reliable.

About TUSD

TrueUSD (TUSD) is the first independently-verified digital asset pegged 1-for-1 to US Dollars. This stablecoin uses multiple banks, escrow accounts, and third-party attestations to reduce counterparty risk, provide transparency, and prevent fraud.

TUSD offers liquidity on dozens of leading exchanges and DeFi protocols supported by major OTC desks. TUSD also supports nearly instant minting and redemption speeds through the Silvergate Exchange Network (SEN) and PrimeX by PrimeTrust.