TrueUSD is a coin that is fully backed by the US dollar. You can redeem one USD for every coin of TrueUSD. The plus of this coin is the fact that it is legally backed and is fully transparent.
Stable Coin
This stable coin was launched 2018 as a consequence of the volatility in the cryptocurrency market and the increase in speculation of another coin called the Tether.
More Transparent Than Tether
Since Tether was not the most transparent coin and also given the fact it was not fully redeemable for US dollars, there was need for a coin that was fully collateralized and transparent.
Created to address Key Issues
TrueUSD was created to address these important issues and to meet the robust demand from traders looking for a completely collateralized coin.
For purchasing, TrustToken works with multiple trust companies that already manage billions of dollars. And here the user is required to mandatorily pass a KYC/AML check after which one can send USD to a trust company to enter an escrow agreement. After the verification of the funds, their API instructs TrueUSD’s smart contract to issue the equivalent TrueUSD to the user’s public Ethereum address.
To redeem USD, one needs to pass a KYC/AML check and then send the smart contract, your TrueUSD tokens, from a registered Ethereum address after which the escrow bank will send you funds in USD. This way, the TrueUSD system does not touch the funds, and the trust companies do all purchase and receipt of user’s money through escrow accounts.
There are multiple use cases for TUSD token.
Crypto Traders and Exchanges
Cryptocurrency traders want a trustworthy stablecoin to hedge against volatility, and enter crypto markets without immediate exposure to BTC/ETH.
Mainstream Commerce
Everyday people and businesses can enjoy the benefits of digital currencies (faster transaction speed than ACH, global reach) without the volatility of Bitcoin. Now you can pay a salary, take out a loan, or buy coffee with a cryptocurrency, enabling a new economy of cryptocurrency financial applications.
Developing economies
Some developing markets are increasingly reliant on cryptocurrencies for trade.
Financial institutions: Financial companies that want to get into crypto, but have reasonable reservations against putting e.g. $100M into a new algorithmic stablecoin vs. $100M of “legally-enforceable certificates of ownership of the US dollar”.
As already mentioned, TrueUSD is a USD-backed ERC20 stablecoin that is fully collateralized, legally protected, and transparently verified by third-party attestations. TrueUSD uses multiple escrow accounts to reduce counterparty risk, and to provide token-holders with legal protections against misappropriation.
TrueUSD is the first asset token built on the TrustToken platform. TrustToken is a platform to create asset-backed tokens that you can easily buy and sell around the world. For example, gold to gold tokens or dollar to dollar tokens.
Many of our readers will wonder how exactly is TUSD different from other stable coins, Tether (USDT) for example. To answer that question, here is the list of the features that are missing in Tether but present in TrueUSD:
Since TUSD is an ERC-20 based token, it can be stored both on the Ledger and Trezor.
Ledger
As for using the Nano Ledger S, the first step towards setting up your device is unboxing you device and checking if you have received all the accessories with the device. Once you have unboxed your device, you need to configure it and initialize it before being able to use it. The process is quite simple and will hardly take about 20-30 minutes post which you will be set to use your Ledger Nano S device. This video does a pretty good job at explaining how the setup works.
Trezor
As for Trezor, installing is really simple. To properly install it users should attach the unit to the computer. After that continue with installing the bridge which allows the Trezor to join with the computer. The first step is to connect the Trezor to device’s USB slot with the cable given in the box. After that, go to myTrezor.com and proceed with installing the browser extension. Trezor can also be used on Android or an iPhone, or on a Windows or Mac computer. Now, initiate the extension and myTrezor will direct you to pick a PIN. After this, you will notice nine buttons but the numbers are hidden. After this, users should check the Trezor’s screen to recognize which numbers are in which place because it switches every time. Now set the PIN. Shortly after, Trezor should present a 24-word wallet “seed”. In short, one word at a time. Note down this seed and save it carefully. If your Trezor device malfunctions or is lost, you can utilize the seed to reconstruct the complete wallet. This video explains how to set up your trezor quite well.
Exodus
First, we have Exodus, which supports a ton of other cryptocurrencies along with TUSD and is pretty straightforward and easy to use. Just download the app from the official site(exodus.io) and get straight into creating your wallet. Exodus stores your Private Keys on the machine you choose and not on any server, providing you with a relative peace of mind when it comes to the security of your coins.
Atomic Wallet
Another option is Atomic Wallet.
Atomic Wallet is a desktop wallet built with security, anonymity and decentralization in mind.
Atomic Wallet was designed to leverage the potential of atomic swaps and become part of a fully-fledged decentralized cryptocurrency ecosystem.
The “physical” wallet itself is a PC application that can be downloaded onto your computer. Your private keys and other data will then be stored on your PC in an encrypted form.
This means you hold your own keys, which are encrypted and kept only on your own device, control your own funds and can efficiently swap tokens without needing to go through a centralized exchange.
This application then interacts with the blockchains of supported coins. For example, if you check your transaction history in the program, it looks it up on the blockchain and then shows it to you, rather than storing this potentially sensitive information somewhere.
TUSD, like all other stablecoins, is based on the Ethereum ERC-20 standard which means that all ERC-20 supporting wallets can house your TUSD. For an online-based wallet, we recommend MyEtherWallet. The wallet offers a brilliant combination of speed, trustworthiness and simplicity, making it the most popular online wallet for ether and any ERC20-based tokens.
MyEtherWallet
Simply visit myetherwallet.com and set up your wallet with a method of your choosing, just make sure to store your private key somewhere safe. It's wise to have it written down on paper in case your PC/notebook malfunctions.
The only downside to using an online wallet like MEW is that there are literally hundreds of phishing scams out there to get your eth, so you better double check the address everytime and make sure to watch out for any malicious activity on your browser or PC.
TrustToken app
The first way to obtain TUSD is through the offical TrustToken app
Simply create an account and follow the appropriate steps. Keep in mind that you will be required to go through a KYC verification so have your documents ready.
Binance
Alternatively, you can use Binance to get your hands on some TUSD.
Binance is one of the most widely used cryptocurrency exchanges in the world. A major reason for Binance's popularity is its extensive selection of altcoins, which continues to grow with frequent additions. No verification is required on Binance for withdrawals below 2 BTC per day, and the exchange also offers a mobile app for both iOS and Android devices. Keep in mind that you have to have some bitcoin or any other currency that has a TUSD pair on Binance in order to make the exchange.
