TUSDETH
TrueUSD / Ethereum
crypto

TrueUSD is a fiat-collateralized stablecoin issued by the TrustToken platform that keeps USD funds in third party escrow accounts without direct access by TrustToken. TrueUSD is an ERC-20 token issued on the Ethereum and corresponds on a 1:1 basis with US Dollars sitting in bank accounts. TrueUSD is the only stablecoin offering real time audits. TrueUSD relies on a proof-of-reserves system to ensure that reserve assets match circulating tokens. This requires a third-party to audit TrustToken's bank accounts on a regular basis to show that U.S. dollar reserves are held in an amount equal to outstanding tokens. TrustToken uses an IOU issuance model where each TUSD represents a claim for $1.00 held in TrustToken's partner banks, which users can redeem at any time. Although the creation and destruction of the tokens occur through TrustToken, other transactions in PAX follow ERC-20 smart contracts. This ensures security for TUSD, as it gets rid of the need for third parties and instead relies on the security of the Ethereum blockchain. Additionally, trading tokens is simple with TUSD because viewing and transferring of PAX is automatically supported by most Ethereum-supporting exchanges and wallet applications. In December 2019, TrueUSD added real time auditting, made possible through banking APIs on one end and public blockchain data pulls on the other.