Bittrex Offers Stablecoin TrueUSD for Trading
Trading for TrueUSD has been launched by TrustToken. TUSD is currently live on the Bittrex cryptocurrency exchange.
TrustToken is proud of launching TUSD, while the traders now have a great chance to trade easily and quickly into a stablecoin being 100% USD collateralized and verified by the independent third parties, according to the CEO and co-founder of TrustToken Danny An. The presence of the TrueUSD on Bittrex meets the demand for a reputable trading pair between USD and cryptocurrencies.
What are stablecoins? They are price-stable cryptocurrencies, which means the stablecoin market price is strapped to another stable asset, for example USD.
TrustToken was founded in 2017 by a team from UC Berkley and Stanford universities. It, along with Google and Palantir has created a legal framework for collateralized cryptocurrencies and a technical platform in order to tokenize real assets and currencies. TrueUSD is a stablecoin (ERC20) claiming to be totally collateralized, transparent, and legally protected. It is issued against current fiat reserves held by a central owner. It provides token holders with legal rights to their funds and uses multiple escrow accounts for reducing counterparty risk.
However, why would anyone buy a stablecoin, which value is pegged to the USD? The answer is simple: a stablecoin offers both stability of fiat currency and the blockchain-based cryptocurrency efficiency.
Stablecoins do not render any value to speculators, but to digital cash users. Businesses and individuals can take advantages of digital currencies, including higher speed of transactions. Now everything can be done with cryptocurrency-paying a salary, taking out a loan, and even buying a cup of coffee.
TrueUSD was launched on Bittrex because of being the largest cryptocurrency exchange in the USA, having solid AML and KYC practices, and being frequently used by institutional traders.
Bittrex provides the customers with a wide selection of blockchain technologies and digital tokens, according to Bittrex CEO Bill Shihara. There is only YUSD/BTC pair currently, and those traders wishing to exchange other tokens or coins for TUSD have to go through BTC first. The team is working hard on developing more pairs to implement in the nearest future.
Anyone can use the exchange account for trading TUSD for BTC. To exchange TrueUSD for USD, token holders should go through the redeeming procedure described in TrustToken’s guide. The redeeming process is partly implemented via Etherum smart contracts.
The TrustToken team is intended to work with regulatory authorities.