TUSD

Overview of TUSD

TrueUSD (TUSD) is a stablecoin that was launched in 2018. This type of digital asset aims at maintaining a stable value against the U.S. Dollar, with each token theoretically corresponding to $1. TrueUSD was founded by Rafael Cosman, Danny An, and Stephen Kade. The stablecoin operates on various blockchain platforms as it is an ERC20 token, and as a result, it can be stored in any wallet that supports ERC20 tokens. Notably, TUSD is available for trading on several exchanges, including big names like Binance, Bitfinex, CoinTiger, and Bittrex but not limited only to these.

Pros and Cons

What makes TUSD unique？

TrueUSD (TUSD) represents a form of innovation in the cryptocurrency space through its model as a stablecoin. Unlike many other cryptocurrencies like Bitcoin or Ethereum that are known for their price volatility, TUSD is designed to hold a constant value, typically tethered to the US dollar on a 1:1 basis. This attribute provides users with security knowing that its value won't significantly fluctuate within short periods of time.

One of the main distinguishes of TrueUSD from other cryptocurrencies is its transparency and regulatory compliance. It employs a system where USD reserves are held in bank accounts that match the number of circulating TUSD tokens. These accounts are regularly audited, and the results are made publicly available.

How Does TUSD Work？

TrueUSD (TUSD) operates quite differently from cryptocurrencies like Bitcoin in terms of its working principle and creation process. Unlike Bitcoin, which relies on a process called mining, where transactions are verified and added to the public blockchain ledger by solving complex mathematical problems, TUSD does not employ a mining process.

Instead, the creation of new TUSD tokens is tied directly to the number of US dollars deposited in the reserve accounts. When a user purchases TUSD through TrustToken, the equivalent USD amount is held in escrow accounts and new TUSD tokens are issued.

Exchanges to Buy TUSD

TrueUSD (TUSD) is a popular stablecoin that is supported and available for purchase on several cryptocurrency exchanges. Major global exchanges like Binance and Bitfinex allow users to trade TUSD for other cryptocurrencies. Additionally, Bittrex and CoinTiger also host TUSD pairs. Other platforms, including but not limited to Kucoin, OKEx, and Huobi, also offer support for TUSD. As these are some of the largest and most reputable cryptocurrency exchanges globally, it makes accessing and trading TUSD relatively simple and secure for users, regardless of their location.

How to Store TUSD？

TrueUSD (TUSD) can be stored in any wallet that supports ERC20 tokens as it operates on the Ethereum blockchain. When choosing a wallet, one should consider factors such as security, ease of use, and compatibility. Here are some wallet types that can store TUSD:

1. Hardware Wallets: These are physical devices designed to securely hold cryptocurrency offline and are widely considered the safest way to store cryptocurrencies. Examples include Ledger Nano S, Trezor, and KeepKey. These wallets display the users' private keys (the keys to access the crypto assets) only when necessary and they remain in the device.

2. Software Wallets: These are applications that can be installed on devices (desktop or mobile). They provide easy access and convenience for regular transactions while ensuring a reasonable level of security. Examples of such wallets for TUSD include MyEtherWallet, MetaMask, Trust Wallet, and Atomic Wallet.

Should You Buy TUSD？

TrueUSD (TUSD) is primarily suitable for individuals who are seeking stability in their crypto investments. This includes those who are looking to avoid the steep price volatility that comes with many other cryptocurrencies and prefer an asset that maintains a near-constant value.

Typically, TUSD is appealing to traders who need to quickly move their investments out of more volatile cryptocurrencies without converting back to traditional fiat currencies, as TUSD offers a simpler, stable solution that remains within the cryptocurrency realm.

It can also be suitable for individuals who engage in cross-border transactions and prefer to bypass the complications of varying exchange rates or for those looking for a stable store of value in times of intense market volatility.

Before purchasing TUSD, it's important to conduct adequate due diligence on the associated pros and cons. It's critical to understand its nature as a stablecoin, the lack of potential for capital growth typically associated with other volatile cryptocurrencies, and its dependency on the strength and stability of the U.S. Dollar.

FAQs

Q: Which digital exchanges can I use to purchase or sell TUSD？

A: TUSD can be purchased or traded on multiple exchanges, including big names like Binance, Bitfinex, CoinTiger, and Bittrex among others.

Q: How can I store my TUSD tokens securely？

A: TUSD tokens can be stored in any wallet that supports ERC20 tokens, such as MyEtherWallet, Trust Wallet, and MetaMask among others.

Q: Can I mine TUSD like Bitcoin？

A: No, TUSD is not mined like Bitcoin. It is minted on demand when users buy TUSD by depositing USD in escrow accounts.

Q: Can I use TUSD for transactions on various blockchain platforms？

A: Yes, as an ERC20 token, TUSD can be utilized on any blockchain platform that supports this standard.