TrueUSD (TUSD) currently has a price of $1.00 and is down -0.10% over the last 24 hours. The cryptocurrency is ranked 30 with a market cap of $2.6B. Over the last 24 hours, it saw $194.4M of trading volume. The token has a circulating supply of 2.6B tokens out of a total supply of 2.6B tokens.
TrueUSD (TUSD) is a stablecoin cryptocurrency that is purportedly backed by U.S. dollars, ensuring a 1:1 ratio between its value and the USD. It aims to provide users with a reliable and transparent digital asset that can be used for efficient and secure transactions.
TrueUSD is a stablecoin that aims to provide stability and reliability in the cryptocurrency market. It is designed to avoid the extreme price volatility commonly associated with other cryptocurrencies. TUSD also benefits from blockchain technology, allowing for fast and secure transactions, making it suitable for everyday use and efficient global exchanges.
TUSD claims to be fully collateralized, with a real-time reserve dashboard and regular attestations. While its monthly reports refer to its dollar reserves and its attestations refer to collateral denominated in USD, it doesn't state clearly that all of the collatearl is held in actual dollars — or provide a breakdown of the collateral if it's held in other assets.
Third-party auditing firm The Network Firm provide monthly attestations that state the agent of Techteryx has a bank account containing the USD-denominated collateral of a certain amount. It makes it clear that the funds are not explicitly specified to belong to Techteryx and that it hasn't audited the financial strength of the whole company or assessed its liabilities.
The Network Firm was formed out of the accounting team of U.S. auditor Armanino, which previously provided audits for crypto firms such as the now collapsed FTX.US.
TrueUSD was created or founded in 2017 by Archblock subsidiary TrustToken. TrustToken is a blockchain-based platform that aims to provide different types of asset-backed tokens. The development of TrueUSD was started to address the need for a stablecoin that maintains a one-to-one parity with the US dollar. By creating a stablecoin, TrustToken hoped to offer a more reliable and less volatile digital currency option for users. TrueUSD quickly gained popularity in the crypto space due to its commitment to transparency and regular audits.
In December 2020, the business was sold to Techteryx, an Asia-based consortium. Techteryx and TrueUSD provide scant details about their ownership. In July 2023, Archblock co-founder Daniel Jaiyong An claimed that Justin Sun was the true buyer of the stablecoin project.
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