Written by Metal Team

On August 22, 2019

Metal Pay welcomes TrueUSD to our Marketplace

TrueUSD

What is a stablecoin?

Stablecoins are blockchain-based currencies that are pegged to the value of another asset or collection of assets, with the intent of keeping the price from experiencing the wild fluctuations that are common with traditional cryptocurrencies. The pegged assets can be fiat currencies, as well as other tradable assets such as gold and oil. This offers the security and settlement speed of a decentralized cryptocurrency, as well as relative assurance that the value held or transferred to another party may be somewhat protected from volatile cryptocurrency market conditions.

BTC-vs-TUSD

What is TrueUSD backed by?

The value of TrueUSD is pegged 1:1 to the U.S. dollar, acting as a stable currency for digital exchange.

TrueUSD (TUSD) is the first independently-verified digital asset fully collateralized by US Dollars. The ERC20 stablecoin uses multiple escrow accounts to reduce counterparty risk, provide transparent attestations, and offer legal protections against fraud.

TrueUSD is now trading on over 50 exchanges including Binance, Huobi, OKEx, and Digifinex – and now available on Metal Pay.

Why choose TrueUSD over other stablecoins?

Early stablecoins were attractive to people wishing to preserve the value of their cryptocurrency holdings without needing to cash them out to fiat bank accounts. This was a promising advancement in the overall crypto ecosystem, but there were frequent problems with liquidity, as well as a lack of transparency and trust. It was difficult to verify the total amount of underlying assets available to back the stablecoin’s value.

TrueUSD is completely backed by U.S. dollars, which are not held by a single entity. The collateralized assets that support the value of TrueUSD are maintained by multiple professional trust companies and banks, each of which have signed escrow agreements, with monthly attestations and a “confirmation” dashboard, and are regularly and independently checked for accuracy. This practice reduces counterparty risk, and provides TrueUSD users with a greater degree of trust as well as legal protections against misappropriation.

Who can use TrueUSD?

TrueUSD can be obtained by anyone who passes a standard KYC/AML review. All current Metal Pay users (except those who reside in Texas) can exchange between USD and TrueUSD.

What blockchain does TrueUSD rely on?

TrueUSD (TUSD) tokens are based on the Ethereum blockchain, using the ERC20 protocol and are also on Binance Chain.

Who is behind TrueUSD?

TrueUSD is developed by TrustToken, a U.S. based company founded in 2017. The team comes out of Stanford, UC Berkeley, Palantir, and Google. Its backers include Founders Fund Angel, Stanford-StartX, and Blocktower Capital. The TrueUSD team has developed a legal framework for collateralized cryptocurrencies in collaboration with law firms WilmerHale and maintains a network of fiduciary, compliance, and banking partners.

TrustToken Overview

Direct link to video

We’re thrilled to bring TrueUSD to Metal Pay customers, and we plan to add more features within our app to provide additional utility to let users take full advantage of this unique and versatile cryptocurrency.

For more information on TrueUSD and TrustToken, please visit trusttoken.com.

Other Metal Pay posts:

Metal (MTL) is now listed on Uniswap

Metal (MTL) is now listed on Uniswap

We’re thrilled to announce that Metal (MTL) is now available on Uniswap! Uniswap is a decentralized exchange (DEX) that runs a protocol on the Ethereum blockchain, allowing traders to trade ETH and ERC20 tokens directly from their Ethereum wallets. You can trade MTL...

Metal Pay welcomes Paxos Gold (PAXG) to our Marketplace

Metal Pay welcomes Paxos Gold (PAXG) to our Marketplace

While there are lots of different types of investments, people often use broad categories to describe where they are investing their money. Stocks represent a share of a company, bonds represent your trust in the issuer; real estate represents ownership of private...

Metal Heads-up – August 2020

Metal Heads-up – August 2020

August is one of those busy months where the sleepy days of summer give way to a whirlwind of activity. Parents around the country are scratching their heads trying to figure out how school is supposed to look this year, and college students are doing the same. While...

Metal acquires Bloks.io

Metal acquires Bloks.io

Friday, Aug 21 2020, Los Angeles California. Following its recent acquisition of Lynx, and the launch of its Metal X cryptocurrency exchange, The Metal Neo Bank Payment Platform has acquired Bloks.io, the leading Block Explorer and Dev Team for EOSIO. With over 10,000...

Metal Heads-up — July 2020

Metal Heads-up — July 2020

Ah, the dog days of summer. Everything seems to be getting hotter these days - from the temperature, to the cryptocurrency markets. While we’re seeing record-breaking highs across the United States and around the world, we’ve heard that several altcoins are...

Metal Pay 2.4.0 is here!

Metal Pay 2.4.0 is here!

We’re passionate about making cryptocurrency easier to use, which is why we’re constantly finding ways to improve every last bit of Metal Pay. We believe that cryptocurrency should be easier to use than it often is, and each update we roll out brings us one step...